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Regulatory Updates – India September 2021

On September 9, 2021, Ministry of Finance (India) – Central Board of Direct Taxes (CBDT) via press release extended due dates for filing of Income Tax Returns and various reports of Audit for the Assessment Year 2021-22 as follows. Except for exceptional circumstances, we must always try to file before the original due dates and we should not be availing of Covid related extensions.

ComplianceOriginal Due DateExtended Due Date
Via Circular No. 9 of 2021 dated May 20, 2021
Further extended due date via press release dated September 09, 2021
Income Tax Return (in case where Tax Audit is not applicable) for the Assessment Year 2021-22, including individual returns *July 31, 2021September 30, 2021December 31, 2021
Tax Audit Report (Form 3CA and Form 3CD) for the Assessment Year 2021-22September 30, 2021October 31, 2021January 15, 2022
Transfer pricing Report (Form 3CEB) for the Assessment Year 2021-22October 31, 2021November 30, 2021January 31, 2022
Income Tax Return (in case where Tax Audit report is applicable) for the Assessment Year 2021-22*October 31, 2021November 30, 2021February 15, 2022
Income Tax Return (in case where Transfer Pricing report is applicable ) for the  Assessment Year 2021-22*November 30, 2021December 31, 2021February 28, 2022
Belated or Revised Income Tax Returns for Assessment Year 2021-22December 31, 2021January 31, 2022March 31, 2022

*Note that, for taxpayers, whose entire income tax liability is not discharged by Tax Deducted at Source (TDS) and advance tax and such shortfall is more than INR 100,000, they should file their income tax return within the respective original due dates to avoid interest for defaults in furnishing return of income (i.e. Section 234A of Income Tax Act 1961).

https://incometaxindia.gov.in/Lists/Press%20Releases/Attachments/969/Press-Release-CBDT-extends-due-dates-for-filing-of-IT-Returns-dated-09-09-2021.pdf