The deadline for corporates to file Income Tax returns for the financial year 2020-2021 or assessment year 2021-2022 was extended till March 15 by the Centre on Tuesday. The deadline to file tax audit reports and transfer pricing audit reports for the 2020-21 fiscal year was also extended till February 15.
"The extension is for all the taxpayer whose books of accounts are required to be audited under any law like Companies Act, Societies Act, LLP Act or income tax act," tax and investment expert Balwant Jain said.
He said, "The new date of uploading your audit report is 15th Feb and the due date for submitting the ITR is 15th March".
Jain further said that this did not apply to all individuals and other taxpayers for whom the due date expired on December 31.
A statement released by the department of revenue of the Finance Ministry said that the deadline was extended in view of the difficulties faced by the taxpayers due to the ongoing Covid-19 situation.
The decision was also taken keeping in mind the problems faced while e-filing of various audit reports under provisions of The Income-tax Act, 1961, the notification added.
