You have not yet deposited your Itr? Don’t worry, the deadline is extended until March 15th | Business News Today

You have not yet deposited your Itr? Don’t worry, the deadline is extended until March 15th

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The Central Commission for Direct Taxes (CBDT) today extended the date for filing income tax returns (RTI) to March 15. The previous deadline for filing ITRs was December 31.

In a press release, CBDT said it was extending the “on taking into account the difficulties reported by taxpayers and other stakeholders due to COVID-19 and in the electronic filing of various audit reports under the provisions
of the Income Tax Act, 1961 “.

The CBDT also extended the deadlines for filing audit reports and accountants’ reports under Article 92E of the Information Technology Law to February 15.

The statement clarified that the extension does not apply to cases in which the amount of total income tax “reduces by the amount specified in clauses (i) to (vi) of subsection (1) of this section ”exceeds Rs 1 lakh.

The release further states that in the case of those who paid tax under Section 140A of the Information Technology Act before the original due date (without extension), the amount paid will be considered as withholding tax.

Last week, the IT department claimed it had issued refunds of over Rs 1.50 lakh crore so far in the current fiscal year. According to the department, this includes refunds of 1.1 crore for AY22 amounting to Rs 21,324 crore. In a tweet, the IT department said, “The CBDT issues refunds of over 1,50,407 yen crore to over 1.48 crore to taxpayers from April 1, 2021 to January 3, 2022.”
If an individual does not file their tax return on time, a penalty as well as interest under section 234A of the Information Technology Act is levied. The taxpayer owes simple interest at 1 percent per month or part of a month for delay in filing the tax return. Such a filing is known as a late tax return. The penalty for filing an ITR after the due date can be up to 5,000 rupees.

(Edited by : Vijay Anand)

First publication: STI



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You have not yet deposited your Itr? Don’t worry, the deadline is extended until March 15th

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