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Revised Income Tax Return Filing deadline for Taxpayers

Deadline for Income Tax Return (ITR) has been extended keeping in mind the unprecedented Covid-19 situation. The due dates for ITR and Tax Audit Reports under Income Tax Act, 1961 has been extended to provide a relief to the taxpayers. However, But, still many of the taxpayers have a confusion regarding the extended due dates.

Income Tax Return ITR Last Dates Simplified

  1. Income Tax Return of Individuals, Professionals, Small Businesses etc. (Non-Audit Cases) last date has been extended for September 30, 2021.
  2. Tax Audit Report under Transfer Pricing (Section 92E) last date has been extended to November 30, 2021.
  3. Income Tax Return of persons (other than persons mentioned above) deadline has been extended to November 30, 2021.
  4. Tax Audit Report filing last date is October 31, 2021.
  5. Income Tax Return of persons requiring Tax Audit Report under Transfer Pricing (Section 92E) deadline is December 31, 2021.
  6. Belated/Revised Income Tax Return last date is January 31, 2022.

Although, the due dates for filing the Income Tax Return for AY2021-22 has been extended, but there is no relief provided from the interest chargeable under Section 234A if the self-assessment tax liability exceeds Rs 1 lakh (net of Advance Tax and TDS, if any), Pitam Goel, Founder Partner, Tattvam & Co, said.

Therefore, taxpayers having tax liability of more than Rs.1 lakh shall pay the tax liability before the original due dates, or have to bear the interest liability under section 234A from the expiry of original due dates, Goel said.

A resident senior citizen not having any income from business or profession is not required to pay advance tax and he/she can pay the entire tax liability by way of self-assessment. If any tax has been paid by such senior citizen before the due dates, then that amount shall be deducted while computing the tax liability of Rs 1 lakh, Goel explained.



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