September 10, 2021

Income Tax Due Dates Extension for AY 2021-22

The Income tax Department launched a new income tax portal in June, 2021. However, functionalities of the new portal are not yet upto mark and also technical glitches are not yet resolved.

Considering the difficulties faced by taxpayers and other stakeholders in filing income tax returns and unresolved pending glitches of Income tax portal, CBDT has decided to extend the due date of filing of various income tax returns and audit reports for FY 2020-21 (A.Y. 2021-22) vide Circular No. 17/2021 dated 9th September, 2021.

Following are extended due dates:

Form/Statement	Period	Original Due Date	Extended Due Date(Vide Circular No.9/2021 dated 20.05.2021)	Further extended Due dates
Income Tax return-By the person who is required to get his accounts audited under section 44AB of Income Tax Act or any other law	F.Y. 2020-21	31st October, 2021	30th November, 2021	15th February, 2022
Income Tax Return- By partner of the firm who is required to get his accounts audited	FY 2020-21	31st October, 2021	30th November, 2021	15th February, 2022
Income Tax Return- By Company	FY 2020-21	31st October, 2021	30th November, 2021	15th February, 2022
Income Tax Return-By person who is required to furnish audit report with respect to international transaction or specified domestic transactionUnder section 92E of Income Tax Act	FY 2020-21	30th November, 2021	31st December, 2021	28th February, 2022
Income Tax Return-By Any other person	FY 2020-21	31st July, 2021	30th September, 2021	31st December, 2021
Belated/Revised Income Tax Return under section 139(4)/139(5) of Income Tax Act	FY 2020-21	31st December, 2021	31st January, 2022	31st March, 2022
Tax Audit Report	F.Y. 2020-21	30th September, 2021	31st October, 2021	15th January, 2022
Audit report for persons entering into international transaction or specified domestic transaction	F.Y. 2020-21	31st October, 2021	30th November, 2021	31st January, 2022

Note:

Above mentioned extension of due dates of Income Tax return filing shall not apply for computation of Interest under Section 234A of Income Tax Act, 1961, i.e., Interest on Delay or non-submission of Income Tax Return, where net amount of tax payable (after deducting TDS and Advance Tax) exceeds INR 1,00,000.

DISCLAIMER: The views expressed are strictly of the author and VJM & Associates LLP. The contents of this article are solely for informational purpose. It does not constitute professional advice or recommendation of firm. Neither the author nor firm and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any information in this article nor for any actions taken in reliance thereon.

Income tax on transfer of unquoted equity shares at less than Fair Market Value (FMV)

Key takeaways from Interim Budget, 2024

GST Portal may facilitate revision of GST returns

Assessment order under GST can’t be passed against a deceased person

GST Authorities can’t transgress the boundaries of the Show Cause Notice

Judgements

GST Authorities can’t transgress the boundaries of the Show Cause Notice

The Petitioner received an order for imposition of penalty. Show Cause notice was issued on the ground that the vehicle was traveling to a destination not mentioned in the invoice. However, while issuing the order, the appellate authority has imposed a penalty on a different ground.Hon’ble High Court held that “Show Cause Notice” serves as a vital checkpoint which defines the boundaries within which any authority can operate. Show cause notice is an initial document which impose allegations or discrepancies on the taxpayer and provide an opportunity to the taxpayer to present their side of the story. Any action beyond the scope defined in SCN not only undermines the legitimacy of the authority but also compromises the rights of the individuals or entities involved.

12/03/2024 No Comments

Income Tax

Income tax on transfer of unquoted equity shares at less than Fair Market Value (FMV)

Transfer of shares of listed entities is quite a simple and fair process as the price of shares are available on the stock exchange and shareholders have no option to transfer shares at value other than price available on stock exchange. However, what about the unquoted or unlisted equity shares. Whether shareholders can transfer such shares at any price or is there any mechanism specified for the same?

20/02/2024 No Comments

Finance Budget

Key takeaways from Interim Budget, 2024

During the year of the Central Election, Our present government has come up with an Interim Budget for FY 2024-25. All the financial schemes or Plans proposed in the Interim Budget are temporary until the final budget is presented by the new Government post elections.

13/02/2024 No Comments