Filing of IT Returns-21-22: The last date of filing Income Tax Return (ITR) for the assessment year 2021-22 has been extended to 15 March 2022, according to Circular No. 01/2022 from the Central Board of Direct Taxes (CBDT).
The difficulty faced by the taxpayers as well as other stakeholders on account of Covid-19 was cited as the reason for the postponement. The circular explained the cut-off dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22
You can download the circular from here for more clarity
Filing of IT Returns-21-22 : Penalty on Belated ITR Filers
It may be noted the CBDT had earlier extended the due dates twice; first to 30 September 2021 and later to 31 December 2021 due to Covid. According to the Income Tax Rules under Section 234F, the department can impose a penalty up to Rs.10,000/ on the belated ITR filers. This is in addition to the penal interest on any unpaid tax liability.
According to an earlier report, more than 5.89 crore income tax returns were filed on the e-filing portal till 31 December 2021. This compared with 5.95 crores income tax returns in the previous year.