Let us know the full details of the Extension of Due Date For AY 2021-22. There have been reports in the past that the Center may extend the deadline for filing ITRs as taxpayers face technical glitches in the new portal of the Income Tax Department at the time of filing ITRs.
Extension of Due Date For AY 2021-22
The Union government made the announcement after the Confederation of All India Traders (CAIT) in a letter to Finance Minister Nirmala Sitharaman earlier this week seeking extension of the deadline for filing income tax returns (ITRs). .
On December 29, the central government said it had filed five crore income tax returns (ITRs) for the financial year ending March 2021. “Over five crore income tax returns have been filed for AY 2021-22 till 5:45 pm today” The Income Tax Department tweeted.
Notification for extension of due date for ay 2021-22
The deadline to file an ITR for FY 2020-21 or AY21-22 is December 31, 2021. According to the latest updates from the I-T Department, many people continue to file their returns even in the last week before the deadline. Here is a list of things that can go wrong with filing an ITR late.
The deadline for filing the assessment year 2020-21 or assessment year (AY) 2021-22 income tax return (ITR) has been extended several times a year due to issues facing appraisers with the Income Tax Department’s new e-filing portal. However, it has been confirmed that no more extensions will be granted and therefore all taxpayers will be required to complete their ITR filings by December 31, 2021.
CBDT Notification for extension of due date for AY 2021-22
With only one day left until the deadline, many taxpayers continue to file their returns. As of Wednesday, December 29, 2021, over 5 crore ITRs have been filed. Experts say those who cut too close to the deadline could be in danger. Waiting until the last date to file an ITR for AY 22 can have an impact on your financial health.
It should be noted that the deadline for companies to audit their accounts has been extended to February 15, 2022. The December 31, 2021 deadline applies to individual taxpayers who do not need to have their accounts audited.
It is also important to note the difference between the ‘last date’ and the ‘expiration date’ of ITR filing for a particular assessment year. The ‘due date’ refers to the date on which the return can be filed for a specific AY without paying the late fee, while the ‘due date is the day on which the taxpayer must pay the late fee.