Extension of due dates for various compliances for AY 2021-22 under income tax
Introduction: due date for various compliances including filing of ITR and tax audit report etc. for AY 2021-22 has been fixed statutorily under the income tax law because non our predecessor has expected that taxpayer will be ready to file ITR and other report but government would be failed to facilitate them to file ITR /tax report etc. even in 21st century and that too in India claiming the top in IT in world . Due to serious planning problem and total implementation failure of the government, we are facing problems of this type where income e-filing portal is not ready even after expiry of more than 5 months of the AY and this is serious problem for our country. Earlier in May due date was extended and now again after 3.5 months again date has been extended. Summary of original and extended date explained as under:
|Nature of compliances||Original due date||Extended due date||Loss of time of India in months|
|furnishing of Return of Income- where audit is not involved||31-07-2021||31-12-2021||5 months|
|Tax Audit report||30-09-2021||15-01-2022||4.5 months|
|Furnishing Report from CA by persons entering into international transaction or specified domestic transaction under section 92E of the Act||30-11-2021||31-01-2022||2 months|
|furnishing of Return of Income- where audit is not involved||31-10-2021||15-02-2022||3.5 months|
|furnishing of Return of Income- where assessee is required to furnish a transfer pricing report referred to in section 92E,||30-11-2021||28-02-2022||3 months|
|furnishing of belated/revised Return of Income for the Assessment Year 2021-22,||31-12-2021||31-03-2022||3 months|
Note: CBDT Circular No.17/2021 in F.No.225/49/2021/ITA-II dated 09.09.2021 issued. The said Circular is available on www.incometaxindia.gov.in.
Note : earlier also due date was extended vide Circular No.9/2021 dated 20.05.2021, now further extended because income tax portal is not functioning properly and taxpayer are unable to make compliances.
Note: no extension of due date for payment of self-assessment tax where balance amount of self-assessed tax exceeds ₹ 1 lakh beyond original due date as per section 139. i. e interest liability continue under section 234A, if due taxes not paid on or before original due date.
Extract of relevant portion of circular as para below sl. No 6 as under :
It is also clarified that the extension of the dates as referred to in clauses (9), (12) and (13) [ all these are extension of due date of fling of ITR] of Circular No.9/2021 dated 20.05.2021 and in clauses (1), (4) and (5) above shall not apply to Explanation 1 to section 234A of the Act, in cases where the amount of tax on the total income as reduced by the amount as specified in clauses (i) to (vi) of sub-section (1) of that section exceeds ₹1 lakh.
Amount reduced under clauses (i) to (vi) of sub-section (1) of section 234A are as under:
|(i)||advance tax, if any, paid;|
|(ii)||any tax deducted or collected at source;|
|40[(iia)||any relief of tax allowed under section 89;]|
|(iii)||any relief of tax allowed under section 90 on account of tax paid in a country outside India;|
|(iv)||any relief of tax allowed under section 90A on account of tax paid in a specified territory outside India referred to in that section;|
|(v)||any deduction, from the Indian income-tax payable, allowed under section 91, on account of tax paid in a country outside India; and|
|(vi)||any tax credit allowed to be set off in accordance with the provisions of section 115JAA 41[or section 115JD].]|
Explanation 1. —In this section, “due date” means the date specified in sub-section (1) of section 139 as applicable in the case of the assessee.
Further, in case of an individual resident in India referred to in sub-section (2) of section 207 of the Act, the tax paid by him under section 140A of the Act within the due date (without extension under Circular No.9/2021 dated 20.05.2021 and as above) provided in that Act, shall be deemed to be the advance tax.
Section 207(2) cover resident senior citizen not having income from business or profession.
Conclusion: from the above discussion it clear that the extension of various due date is not a real relief to tax payer because no extension for payment of taxes but only extension of compliance dates like filing of ITR, tax audit because income tax portal is not developed properly and not functioning properly even after unwarranted expenditure of more than 4400 crore and wastage of millions of hours of taxpayer and there consultant. income tax return and audit report is vital documents used for various purposes like finance from bank, renewal limit from bank, foreign travel visa, registration at various portal like GEM/E-tendering etc. If new income tax portal is not ready better to go for earlier portal and develop the new portal till completion. Hope for the best soon…