The Centre extended various timelines for compliances under the Income-tax Act,1961 in order to address the hardship being faced by various stakeholders on account of the severe Covid-19 pandemic. As part of these relaxations, the last date for furnishing of return of income for the Assessment Year 2021-22 by two months to September 30, 2021, instead of July 31, 2021, for individual taxpayers under sub-section (1) of section 139 of the Income Tax Act 1962.
Similarly, for those accounts that need to be audited, the last date to furnish return of income for the previous fiscal is now October 31, 2021, as against September 30, 2021.
Worth mentioning here is that last year also the government had also extended timelines related to income tax return filing amid the pandemic-led nationwide lockdown.
The government said in a notification that the due date of furnishing of return of income for the Assessment Year 2021-22, which is October 31, 2021, under sub-section (1) of section 139 of the Act, is extended to November 30, 2021.
The other related extensions in timelines are as follows:
1) The Statement of Financial Transactions (SFT) for the Financial Year 2020-21, required to be furnished on or before May 31, 2021, under Rule 114E of the Income-tax Rules, 1961 (hereinafter referred to as “the Rules”) and various notifications issued thereunder, may be furnished on or before June 30, 2021.
2) The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which is September 30, 2021, is extended to October 31, 2021.
3) The due date of furnishing report from an accountant by persons entering into an international transaction or specified domestic transaction under section 92E of the Act for the Previous Year 2020-21, which is October 31, 2021, is extended to November 30, 2021…Read more>>