The deadline for corporates to file income tax returns for the fiscal year ending March 2021 was extended by the government on Tuesday till March 15. The deadline to file a tax audit report and a transfer pricing audit report for the fiscal year 2020-21 has also been extended until February 15.
This is the third extension granted to corporates to file their income tax returns for the fiscal year 2020-21. Corporates had until October 31 to file ITRs, and those with transfer pricing transactions had until November 30.
In a statement, the Central Board of Direct Taxes (CBDT) said it has decided to extend the due dates for filing Income Tax Returns and various reports of audit for the Assessment Year 2021-22 due to difficulties reported by taxpayers and other stakeholders due to COVID and electronic filing of various reports of audit (2020-21 fiscal). The tax audit report is due February 15, 2022, and the extended date for filing ITR for corporations is now March 15. Individual taxpayers had until December 31, 2021 to file their 2020-21 ITRs without penalty, and nearly 5.89 crore ITRs were filed on time.