Corporates will get one more month to file returns
Salaried income taxpayers will get two more months to file income-tax returns for AY22 (FY21). The Finance Ministry on Thursday eased dates for 14 types of compliances.
Corporate and individual taxpayers, who are liable for tax audit, will get one more month to file returns. The circular provided the due date for furnishing of return of income for AY22 for such assessees as November 30 from the scheduled date of October 30. Similarly, the due date for furnishing of audit reports has been extended by a month to October 31. Even the last date for filing belated/revised return for all categories of taxpayers has been extended by a month from December 31 to January 31, 2022.
The due date for filing TDS (Tax Deducted at Sources) returns and SFT (Specified Financial Transactions) statements, which is due by 31st May, has been extended by 1 month to June 30, whereas corresponding due dates for issuance of TDS certificates is also extended by 1 month to 15th July.
Shailesh Kumar, Partner at Nangia & Co LLP feels that the extension of due dates is likely to provide some relief to taxpayers on tax compliance front. However, “for taxpayers, whose entire income tax liability is not discharged by TDS and advance tax and such shortfall is more than ₹ 1 lakh, they should endeavour to file their ITR (Income Tax Return) within respective original due date to avoid charge of interest u/s 234A, which is charged on filing ITR beyond the original due date at the rate of 1 per cent per month for every month/ part thereof after original due date of filing ITR,” he said.
Echoing the same sentiment, Sujit Bangar, Founder of Taxbuddy.com says this year brought new compliances related to pre-filled ITRs. Due date extension announcement is made much more in advance. This will allow time for preparation for filing accurate compliances. However, “it must be noted that interest to be charged on filing beyond original dates is not waived in cases of self-assessment tax more than ₹ 1 lakh. Therefore, it’s advisable to work out tax liability at earliest and pay self-assessment tax in such cases,” he advised.