Income tax due dates extended - probably for the last time
Another extension from CBDT for Income tax related due dates - whether this is because of Covid or the new portal, who knows!
Due date for ITR filing (FY 2020-21)
Non-tax audit cases/ General Due date - 31 December 2021 (extended from 30 September 2021)
Tax audit - 15 January 2022 (extended from 31 October 2021)
ITR filing for tax audit cases - 15 February 2022 (extended from 30 November 2021)
Transfer pricing report - 31 January 2022 (extended from 30 November 2021)
ITR filing for transfer pricing cases - 28 February 2022 (extended from 31 December 2021)
Belated return - 31 March 2022 (extended from 31 January 2022)
While ITR filing due date has been extended, don't forget to pay your self-assessment tax before the original due dates to avoid paying interest under Section 234A - a lot of people found this out the hard way last year.
If your tax payable exceeds INR 1 lakh, interest under Section 234 at 1% per month shall apply for every month of delay post the original due date for ITR filing.
Interest under 234B continues to apply till the due date for ITR filing. You can read on advance tax and interest here.
What does this mean for you? Don't procrastinate! Reach out to your tax advisor and start working on your taxes for FY 2020-21. Beat the last minute rush. Save yourself some interest - it's a win-win!
Book your Income Tax Consultation for FY 2020-21
Don't wait for the year to end. Now is the time you can actually plan your taxes. If you come to us later, it's about damage limitation
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