ITR, Belated Earnings tax Return Submitting AY 2021-22: Earnings Tax Return submitting due date AY 2021-22 prolonged for these taxpayers; belated ITR deadline reduce

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ITR, Belated Earnings tax Return Submitting AY 2021-22:  Finances 2021 has proposed to increase the ITR submitting due dates for a sure class of taxpayers whose accounts must be audited. The timeline for submitting belated/revised returns has additionally been proposed to be decreased from April 1, 2021.

As per the Finances paperwork launched by the Finance Ministry, the due date for the submitting of unique return of revenue has been proposed to be prolonged to 31st October of the evaluation yr in case of partner of a associate of a agency ruled by Portuguese Civil Code.

The Portuguese Civil Code is relevant solely in Goa and the Union territories of Dadra & Nagar Haveli and Daman & Dui.

Part 5A of the Earnings Tax Act supplies for the Portuguese Civil Code. As per this code, any revenue earned by a associate of a agency, whose accounts are required to be audited, needs to be apportioned between the spouses and included of their complete revenue.

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“…it’s proposed that the due date for the submitting of unique return of revenue be prolonged to 31st October of the evaluation yr in case of partner of a associate of a agency whose accounts are required to be audited beneath this Act or beneath every other regulation in the meanwhile in pressure, if the provisions of part 5A apply to them,” the Finances paperwork stated.

The due date for a associate of a agency, which is required to furnish a report from an accountant for coming into into a global transaction or specified home transaction, has additionally been proposed to be prolonged to 30th November.

Belated return time decreased

As per sub-sections (4) and (5) of Part 139 of the Earnings Tax Act, belated or revised returns may be filed earlier than the top of the evaluation yr or earlier than the completion of the evaluation, whichever is earlier.

Finances 2021 has proposed to scale back the final date of submitting of belated or revised returns of revenue by three months.

“… the belated return or revised return might now be filed three months
earlier than the top of the related evaluation yr or earlier than the completion of the evaluation, whichever is earlier,” the Finances paperwork stated.

The above-proposed modifications might be efficient from April 1, 2021 and accordingly apply for the evaluation yr 2021-22 and the following evaluation years.

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