Citing difficulties being reported by taxpayers in filing of returns, the government on Tuesday extended deadlines for income tax returns filing for corporates for the financial year 2020-21 till March 15. The deadline to file tax audit report and transfer pricing audit report for 2020-21 fiscal has also been extended till February 15.
This is the third extension for filing income tax returns for 2020-21 fiscal for corporates. The original deadline for filing ITR for corporates was October 31 and those with transfer pricing transactions was November 30. “On consideration of difficulties reported by the taxpayers and other stakeholders due to COVID and in electronic filing of various reports of audit under the provisions of the Income-tax Act, 1961 (the Act), the Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22,” an official statement said.
The last date for filing 2020-21 ITRs without penalty for individual taxpayers ended on December 31, 2021, and nearly 5.89 crore ITRs were filed by the due date.
Nangia& Co LLP partner Shailesh Kumar said considering the difficulty of taxpayers in light of fresh surge of Covid cases in the country and also technical glitches being faced in filing Tax Audit Report and other compliances related to filing ITR, the extension of around 1 month granted by the Government to taxpayers for filing their Tax Audit Report and extension of 15 days for cases covered by Transfer Pricing compliances is definitely a welcome move and will grant relief to taxpayers.