The income tax department has extended the deadline for filing returns for the 2020-21 financial year due to the glitches in the new taxpayer portal.
While returns — by those whose accounts are not audited — are to be filed by July 31 this year, the deadline had been extended to September-end due to the second wave of the pandemic. It has now been postponed to December 31, the Central Board of Direct Taxes said, while citing difficulties that have been reported by taxpayers.
Due to the changes, the due date of furnishing of belated or revised returns for the last financial year, which is December 31, has now been extended to March 31, 2022. In addition, it has also extended the due date of furnishing the audit report to January 15, 2022 for those who are required to file the document.
Similarly, those who are required to furnish reports from an accountant for entering into international transactions or specified domestic transactions can now do so till the end of January.
Tax experts, however, suggested that returns should be filed at the earliest, especially by those who may have some additional liability. One needs to note that where taxes are payable, the interest levy for default and deferment in advance taxes would continue till the filing of the return. Hence it is ideal that the taxpayers pay taxes and file their returns as soon as feasible.
