On Tuesday, the Centre extended the deadline for corporates to fill Income tax returns till 15 March for the financial year 2020-2021 or assessment year 2021-2022.
Also, the deadline to file tax audit report and transfer pricing audit report for FY21 has got extended till 15 February.
Official statements
“The extension is for all the taxpayer whose books of accounts are required to be audited under any law like Companies Act, Societies Act, LLP Act or income tax act,” Tax and investment expert Balwant Jain said.
“The new date of uploading your audit report is 15th Feb and the due date for submitting the ITR is 15th March,” Jain said.
Moreover he said that this is not applicable to all individual and other tax payers for whom on 31 December the due date got expired.
Reason behind extension of deadline
As per a statement released by the department of revenue of the Finance Ministry, the reason for the deadline being extended for the taxpayers is due to the ongoing pandemic which has caused a lot of difficulty to them.
The other reason for the deadline being extended is due to the problems faced while e-filing of various audit reports under the provisions of The Income-tax Act, 1961, as per the notification.