The CBDT issued Circular No. 01/2022 dated January 11, 2021 w.r.t. extension of timelines for filing of Income-tax returns and various reports of audit for the Assessment Year 2021-22.

On consideration of difficulties reported by the taxpayers and other stakeholders due to COVID and in electronic filing of various reports of audit under the provisions of the Income-tax Act,1961 (Act), the Central Board of Direct Taxes (CBDT), in the exercise of its powers under Section 119 of the Act, provides relaxation in respect of the following compliances:

1. Due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which was September 30, 2021, in the case of assessees referred in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act, as extended to October 31, 2021 and January 15, 2022 by Circular No.9/2021 dated May 20, 2021 and Circular No.17/2021 dated September 09, 2021 respectively, is hereby further extended to February 15, 2022;
2. Due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which was October 31, 2021, in the case of assessees referred in clause (aa) of Explanation 2 to sub-section (1) of section 139 of the Act, is hereby extended to February 15, 2022;
3. Due date of furnishing of Report from an Accountant by persons entering into international transaction or specified domestic transaction under section 92E of the Act for the Previous Year 2020-21, which was October 31, 2021, as extended to November 30, 2021 and January 31, 2022 by Circular No.9/2021 dated May 20, 2021 and Circular No.17/2021 dated September 09, 2021 respectively, is hereby further extended to February 15, 2022;
4. Due date of furnishing of Return of Income for the Assessment Year 2021-22, which was October 31, 2021 under sub-section (1) of section 139 of the Act, as extended to November 30, 2021 and February 15, 2022 by Circular No.9/2021 dated May 20, 2021 and Circular No.17/2021 dated September 09, 2021 respectively, is hereby further extended to March 15, 2022;
5. Due date of furnishing of Return of Income for the Assessment Year 2021-22, which was November 30, 2021 under sub-section (1) of section 139 of the Act, as extended to December 31, 2021 and February 28, 2022 by Circular No.9/2021 dated May 20, 2021 and Circular No.17/2021 dated September 09, 2021 respectively, is hereby further extended to March 15, 2022.

Clarification 1: It is clarified that this extension 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 one lakh rupees.

Clarification 2: For the purpose of Clarification 1, 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, Circular No.17/2021 and this Circular) provided in that Act, shall be deemed to be the advance tax.

The Circular can be accessed at: https://incometaxindia.gov.in/communications/circular/circular-no-1-2022.pdf

DISCLAIMER: The materials provided herein are solely for information purposes. No attorney-client relationship is created when you access or use the site or the materials. The information presented on this site doesn’t constitute legal or professional advice. It should not be relied upon for such purposes  or used as a substitute for legal advice from an attorney licensed in your state.