Along with this, the last date for submission of tax audit report and ‘Transfer Pricing Audit’ report for the financial year 2020-21 has been extended to 15 February. This is the third time that the deadline for filing income tax returns for 2020-21 has been extended for companies. The last date for filing income tax returns for companies was October 31. The last date for submission of reports for ‘transfer pricing’ deals was November 30.
The Central Board of Direct Taxes (CBDT) said in a statement on Tuesday that in view of the difficulties being faced by taxpayers and other concerned parties in electronic submission of COVID and various audit reports, the assessment year 2021-22 (FY 2020-21) The last date for submission of income tax returns and various audit reports has been extended.
According to the department, the last date for filing income tax returns for companies is March 15 and the deadline for submission of tax audit reports is now February 15, 2022.
The due date for submission of ITR for individual taxpayers was December 31, 2021. Around 5.89 Income Tax Returns were filed till the last date.
Nangia & Co. LLP partner Shailesh Kumar said that following complaints of technical lapses in submission of tax audit reports and other compliance related reports related to ITR with the rise in Covid cases, the government has taken about a month for taxpayers to submit ITR. deadline has been extended. At the same time, the deadline for ‘transfer pricing’ compliances has been extended by 15 days.
He said that this is a welcome step and it will bring relief to the taxpayers.
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