ITR filing deadline extended to March 15

The deadline to file income tax returns (ITR) has been extended till March 15, 2022, whereas, the last day for submitting tax audit reports has been pushed to February 15, 2022, the Ministry of Finance announced on January 11.The decision comes in the backdrop of several chartered accountant associations demanding the government to extend the deadline, as they cited the COVID-19 impact and the glitches in the e-filing portal as the reasons behind the delay in submissions.

The last day for filing ITRs for individual taxpayers had lapsed on December 31, 2021, as per the erstwhile order issued by the Central Board of Direct Taxes (CBDT). The same has now, through the latest finance ministry circular, has been extended till March 15.The deadline for filing tax audit reports was earlier fixed as January 15, 2022. For submissions to be made following the specified date, a penalty of 0.5% of the turnover, or a maximum of Rs 1.5 lakh was to be imposed. The finance ministry's circular, however, has pushed the deadline to February 15. "The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which was 31st October, 2021, in the case of assessees referred in clause (aa) of Explanation 2 to sub-section (1) of section 139 of the Act, is hereby extended to 15th February, 2022," it states.