The federal government on Tuesday prolonged until March 15 the deadline for corporates to file Revenue Tax returns for the fiscal ended March 2021.
The deadline to file tax audit report and switch pricing audit report for 2020-21 fiscal too has been prolonged until February 15.
That is the third extension given to corporates for submitting the revenue tax return for 2020-21 fiscal. The unique deadline for submitting ITR for corporates was October 31, and people with switch pricing transactions was November 30.
The Central Board of Direct Taxes (CBDT) in an announcement stated that on consideration of difficulties reported by the taxpayers and different stakeholders on account of COVID and in digital submitting of varied experiences of audit, it has determined to additional lengthen the due dates for submitting of Revenue Tax Returns and numerous experiences of audit for the Evaluation 12 months 2021-22 (2020-21 fiscal).
The prolonged deadline for submitting ITR for corporates is now March 15, and the tax audit report is February 15, 2022.
The final date for submitting 2020-21 ITRs with out penalty for particular person taxpayers ended on December 31, 2021, and almost 5.89 crore ITR was filed by the due date.
Nangia & Co LLP Accomplice Shailesh Kumar stated contemplating the problem of taxpayers in mild of the recent surge of COVID circumstances within the nation and likewise technical glitches being confronted in submitting Tax Audit Report and different compliances associated to submitting ITR, the extension of round one month granted by the federal government to taxpayers for submitting their Tax Audit Report and extension of 15 days for circumstances coated by Switch Pricing compliances is a welcome transfer and can grant aid to taxpayers.
AMRG & Associates Senior Accomplice Rajat Mohan stated the finance ministry has lastly accepted the request to permit further time for taxpayers and audit professionals to finish the tax filings and it considers difficulties reported by the tax professionals on account of COVID.
“This can come as a considerable aid for all the company taxpayers. Nonetheless, no aid has been prolonged to salaried class people and MSME non-auditable non-corporate companies,” Mohan added.
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