Why ITR filing deadline for FY 2020-21 may be extended beyond December 31, 2021 for individuals
- December 18, 2021
- CA Chandan Agarwal's Office
Compared to last year, i.e., FY2019-20, fewer number of taxpayers have filed their ITR this year in FY2020-21. It is yet to be seen whether the newly launched e-filing income tax portal can handle the load of many individuals filing their ITRs simultaneously within this short span of time.
The last date of filing income tax return (ITR) for FY 2020-21 is December 31, 2021. This deadline has already been extended twice – first from the usual deadline of July 31 to September 30, 2021, and then to the current deadline of December 31, 2021. However, chartered accountants and tax experts feel that there is a case for further extension of the ITR filing deadline for individuals (whose accounts are not required to be audited).
Here are the reasons why.
Compared to last year, i.e., FY2019-20, fewer number of taxpayers have filed their ITR this year in FY2020-21. As per a tweet from the Income Tax Department’s official Twitter handle on January 11, 2021, for FY 2019-20 more than 5.95 crore ITRs were filed (January 10, 2021 was the last date to file ITR for FY2019-20). However, as per the data till December 15, 2021, a little more than 3.59 crore ITRs have been filed. Thus, 2.36 crore ITRs are yet to be filed w…
Read more at:
https://economictimes.indiatimes.com/wealth/tax/why-itr-filing-deadline-for-fy-2020-21-may-be-extended-beyond-december-31-2021-for-individuals/articleshow/88336884.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
