EXTENSION OF DUE DATES 

Central Board of Direct Taxes (CBDT), through its Circular No. 17/2021, dated September 9, 2021, has extended the due date for filing Income Tax Returns (ITRs) for Assessment Year 2021-2022 (Financial Year 2020-2021). The said extension of time lines for income tax returns and audit reports (wherever applicable) have been summarized in below table: 

Income Tax Returns (ITRs)-Forms and Due Dates

TIME LIMIT FOR FILING INCOME TAX RETURNS AND AUDIT REPORTS (WHEREVER APPLICABLE)

S. No. Type of Assessee Extended Time Limit
1. The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was 31st July 2021 under sub-section (1) of section 139 of the Act, as extended to 30th September, 2021 vide Circular NO.9/2021 dated 20.05.2021. 31st December 2021
2. The due date of furnishing of Report of Audit under any provision of the Income Tax Act for the Previous Year 2020-21 or say financial year 2020-21, which was 30th September 2021, as extended to 31st October 2021 vide Circular NO.9/2021 dated 20.05.2021. 15th January, 2022
3. The due date of furnishing Report from an Accountant by persons entering into international transaction or specified domestic transaction under section 92E of the Act for the Previous Year 2020-21, which was 31st October 2021, as extended to 30th November 2021 vide Circular NO.9/2021 dated 20.05.2021. 31st January, 2022
4. The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st October 2021 under sub-section (1) of section 139 of the Act, as extended to 30th November 2021 vide Circular NO.9/2021 dated 20.05.2021. 15th  February, 2022
5. The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was 30th November 2021 under sub-section (1) of section 139 of the Act, as extended to 31st December 2021 vide Circular NO.9/2021 dated 20.05.2021. 28th February, 2022
6. The due date of furnishing of belated/revised Return of Income for the Assessment Year 2021-22, which was 31st December 2021 under sub-section (4)/sub-section (5) of section 139 of the Act, as extended to 31st January, 2022, vide Circular NO.9/2021 dated 20.05.2021. 31st March, 2022
The above said Circular provides two following clarifications also:
Clarification 1 It is clarified that the extension of the dates as referred to in clauses (9), (12) and (13) of Circular NO.9/2021 dated 20.05.2021. and as referred to in clauses (1), (4) and (5) of this Circular shall not apply to Explanation 1 to section 234A of the Act, in cases where the amount of tax on the total income as reduced by the amount as specified in clauses (i) to (vi) of sub-section (1) of that section exceeds one lakh rupees.
Clarification 2 For the purpose of Clarification 1, in case of an individual resident in India referred to in sUb-section (2) of section 207 of the Act, the tax paid by him under section 140A of the Act within the due date (without extension under Circular NO.9/2021 dated 20.05.2021. and this Circular) provided in that Act, shall be deemed to be the advance tax.

FILING OF BELATED/REVISED RETURN

The due date of furnishing of belated/revised Return of Income for the Assessment Year 2021-22, which was 31st December 2021 under sub-section (4)/sub-section (5) of section 139 of the Act, as extended to 31st January, 2022, vide Circular NO.9/2021 dated 20.05.2021. has been further extended to 31st March, 2022.

LIST OF INCOME TAX RETURNS APPLICABLE FOR AY 2021-2022  

S. NO. ITR FORM APPLICABLE FOR THE CATEGORY
1. ITR-1 (SAHAJ) This return is applicable for a Resident (other than Not Ordinarily Resident) Individual having Total Income from any of the following sources up to ₹ 50 lakh:

-Salary / Pension

-One House Property

-Other sources (Interest, Family Pension, Dividend etc.)

-Agricultural Income up to ₹ 5,000

Important Notes: 

ITR-1 cannot be used by a person who:

(a) is a Director in a company

(b) has held any unlisted equity shares at any time during the previous year

(c) has any asset (including financial interest in any entity) located outside India

(d) has signing authority in any account located outside India

(e) has income from any source outside India

(f) is a person in whose case tax has been deducted u/s 194N

(g) is a person in whose case payment or deduction of tax has been deferred on ESOP

(h) who has any brought forward loss or loss to be carried forward under any head of income

2. ITR 2 This return is applicable for Individual and Hindu Undivided Family (HUF), not having Income under the head Profits and Gains of Business or Profession and who is not eligible for filing ITR-1
3. ITR 3 This return is applicable for Individual and Hindu Undivided Family (HUF), having Income under the head Profits and Gains of Business or Profession, who is not eligible for filing ITR-1, 2 or 4
4. ITR 4 (SUGAM) This return is applicable for an Individual or Hindu Undivided Family (HUF), who is Resident other than Not Ordinarily Resident or a Firm (other than LLP) which is a Resident having Total Income up to ₹ 50 lakh and having income from Business or Profession which is computed on a presumptive basis (u/s 44AD / 44ADA / 44AE) and income from any of the following sources:

– Salary / Pension

– One House Property

– Other sources (Interest, Family Pension, Dividend etc.)

– Agricultural Income up to ₹ 5,000

Important Notes:

ITR-4 cannot be used by a person who:

(a) is a Director in a company

(b) has held any unlisted equity shares at any time during the previous year

(c) has any asset (including financial interest in any entity) located outside India

(d) has signing authority in any account located outside India

(e) has income from any source outside India

(f) is a person in whose case payment or deduction of tax has been deferred on ESOP

(g) who has any brought forward loss or loss to be carried forward under any head of income

Please also do note that  ITR-4 (Sugam) is not mandatory. It is a simplified return form to be used by an Assessee, at his option, if he is eligible to declare Profits and Gains from Business or Profession on presumptive basis u/s 44AD, 44ADA or 44AE.

5. ITR 5 This form can be used by a Person being a:

  1. Firm
  2. Limited Liability Partnership (LLP)
  3. Association of Persons (AOP)
  4. Body of Individuals (BOI)
  5. Artificial Juridical Person (AJP) referred to in clause (vii) of Section 2(31)
  6. Local Authority referred to in clause (vi) of Section 2(31)
  7. Representative Assessee referred to in Section 160(1)(iii) or (iv)
  8. Cooperative Society
  9. Society registered under Societies Registration Act, 1860 or under any other law of any State
  10. Trust other than Trusts eligible to file Form ITR-7
  11. Estate of Deceased Person
  12. Estate of an Insolvent
  13. Business Trust referred to in Section 139(4E)
  14. Investments Fund referred to in Section 139(4F)

Important Notes:

A person who is required to file the Return of Income u/s 139(4A) or 139(4B) or 139(4D) shall not use this form.

6. ITR 6 This return is applicable for Companies other than those claiming exemption u/s 11.

Company includes:   Indian Company, Body corporate incorporated by or under the laws of country outside India  and Any institution, association or body, whether incorporated or not and whether Indian or Non-Indian which is declared by general or special order of the Board, to be Company, etc.

7. ITR 7 This return is applicable for Persons including Companies who are required to furnish returns u/s 139 (4A) or Section 139 (4B) or Section 139 (4C) or Section 139 (4D).

139(4A)
Income derived from Property held under Trust wholly / in part for charitable or religious purposes

139(4B)
Chief Executive Officer of every Political Party

139(4C)
Various entities like Research Association, News Agency, etc. mentioned in Section 10

139(4D)

University, College or other Institution referred in Section 35

 TAXABLE INCOME

In India, Income of the whole financial year is clubbed together under following five heads, i.e.

1. Income from Salary,

2. Income from House Property,

3. Income from Business/Profession,

4. Income from Capital Gains and

5. Income from Other Sources (For those income/s not covered in above 4 heads).

CONCEPT OF BLACK MONEY

The income which is taxable but not disclosed in proper Income Tax Return and due taxes have not been paid, is considered as Black Money.

REFUND OF EXCESS TAX

Although filing Income Tax Return is a legal requirement with a consequential penalties etc. for non-compliance, one can claim refund of excess taxes (TDS), after adjusting the final tax with the same. 

SPECIAL POINTS FOR NRIs

Although the provisions mentioned above are applicable for NRIs also, there are certain points which are of special significance for NRIs, and while filing Income Tax Returns in India, NRIs should consider the same, for example;

1. Finding out Residential status,

2. Taking benefits of Double Tax Avoidance Agreement (DTAA),

3. Special Deductions and Exemptions for NRIs etc.

*****

The Author ‘CA. Brijesh Baranwal’  is a Mumbai based, Practicing Chartered Accountant. In case of queries and suggestions, please contact. Mobile: 9312412020, Email:  [email protected] 

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4 Comments

  1. P S KADAM says:

    NOT ABLE TO SUBMIT REVISED ONLINE IT RETURN
    THE ERROR IS ACKNOWELEDGEMENT NUMBER OF ORIGINAL RETURN IS INCORRECT
    I HAVE CORRECTLY ENTERED 15 DIGIT ACKNOWELEDGEMENT NUMBER AS STATED IN THEIR ACKNOWELEDGEMENT ONCE COPY PASTE AND DIRECTLY
    ANY OTHER WAY TO SUBMIT REVISED RETURN

    1. cabrijesh says:

      Some technical glitches are still present with the new income tax portal. Try by typing the number instead of copying and pasting, after deleting cookies. Use Internet Explorer.

  2. PRAVIN M DARJI says:

    ARREARS RECEIVED BY BANK EMPLOYEES FROM 01-11-2017 TO 31-12-2020 FROM F Y 2017-18,2018-19 & 2019-20 FORM 10E SUBMITTED AND REBATE U/S 89/1 CLAIMED BUT ITR CPC NOT CONSIDER AT ALL IN ALL CASES I HAVE SUBMITTED GRIEVANCE BUT ITR CPC NOT REPLIED AND CLOSE THE MATTER AT THEIR END PLEASE LOOK IN TO THE MATTER AND REPLY ME AS POSSIBLE AS EARLY.THANK YOU

    1. cabrijesh says:

      Dear Pravin ji,

      You may consider filing appeal for relief, considering the amount involved in the matter, as cost and benefit analysis will provide you insight for decision making in this regard.

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