Do One Need to File a Tax Return Again Before Filing Amended Tax Return

March 16, 2022 Post a Comment

Unlimited Tax Return Filing

What is the Income Tax?

There are 2 types of tax levy ane is a straight tax and the second i is an indirect tax. Income taxation is a direct tax that is straight attributable to the income of the assessee. Income which is generated from the diverse caput of income viz.Bacon, House Property, Business organization, Capital Gain and Income from other sources. The assessee has to pay Income tax if his full Income after allowing Chapter VI-A Deduction is more than the taxable income limit.

Income Taxation Changes Due to Covid-19 Pandemic

The CBDT section has released general round number 01/2022 regarding extension audit reports and ITRs for AY 2021-22. read round
"Dear Taxpayers, Do remember to file your Income Revenue enhancement Return for AY 2021-22 within the extended due appointment of 31st December, 2021. Don't await, File Now! " View More than
Odisha Tax Advocates and Chandigarh Association have requested to the Finance Minister of India related to the extension of income tax return, tax audits and TAR return filing due dates for AY 2021-22. View More than
"Time limit for intimation of Aadhaar number to the Income tax Department for linking of PAN with Aadhaar has been extended from 30th September, 2021 to 31st March, 2022."
"The due date for completion of penalty proceedings under the Human action has as well been extended from 30th September, 2021 to 31st March, 2022.". Read more
CBDT department once more extended the due date of several ITR forms, read printing release
"Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic", read circular
"Instruction sheets for filling of ITR-2,3,5,vi & 7 revised for improve clarity". Read more
Lodge u/due south 119 of the Income-tax Human action, 1961 regarding extension of dates for filing of belated and revised ITRs for the A.Y. 2019-20″. Read Order
"Government to infuse Rs 50,000 crores liquidity by reducing rates of TDS, for not-salaried specified payments fabricated to residents, and rates of Tax Collection at Source for specified receipts, by 25% of the existing rates"
"For delayed payments of advanced tax, self-cess tax, regular tax, TDS, TCS, equalization levy, STT, CTT fabricated between 20th March 2020 and 30th June 2020, reduced involvement rate at nine% instead of 12 %/18 % per annum ( i.e. 0.75% per month instead of 1/i.five percent per month) will exist charged for this catamenia. No late fee/penalty shall be charged for filibuster relating to this catamenia."
"Necessary legal circulars and legislative amendments for giving effect to the aforesaid relief shall exist issued in due form."

Filing Income Taxation Return Due Dates for FY 2020-21 (AY 2021-22)

There is a different category of taxpayer viz. Private, HUF, Firm, LLP, Visitor, Trust and AOP/BOI. Due Date is different according to audit or not-inspect case of such categories as divers in department 139(1)

Last Date of Income Tax Return Filing for AY 2021-22 (Not-Audit Cases)

The common due engagement of filing the Income Revenue enhancement Render by Assesse whose Books of Business relationship are non required to be audited is 31st July 2021. The revised due engagement is 31st December 2021, read press release
CBDT: "The due engagement of furnishing of Render of Income for the Assessment Year 2021-22, which was 31st July, 2021 under sub-section (1) of section 139 of the Act, equally extended to 30th September, 2021 vide Circular No.9/2021 dated xx.05.2021, is hereby further extended to 31st December, 2021"

Filing Income Revenue enhancement Return Due Engagement for AY 2021-22 (Audit Cases)

The general due engagement for filing the Income Tax Return for the audit cases is 31st October 2021. The CBDT has over again extended the due date till 15th March 2022.

Due Dates for Tax Audit Written report (3CA-3CD/3CB-3CD)

The due engagement for filing of Tax Audit Report for all categories of assessees whose account are required to be audited extended till 15th February 2022 via the general circular no.1/2022.

Revised & Belated ITR Due Dates for AY 2021-22

The due date for filing a revised and belated income taxation render for AY 2021-22 has revised by CBDT till 31st March 2022.
"The due date of furnishing of belated/revised Return of Income for the Assessment Twelvemonth 2021-22, which is 31st December, 2021 nether sub-section (4)/sub-section (five) of section 139 of the Act, as extended to 31st Jan, 2022, vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 31st March, 2022"

File Taxation Returns for A.Y. 2021-22 before 31st March with INR 5,000 Penalty

The income revenue enhancement department notified the taxpayers for tardily filing of tax returns for A.Y. 2021-22, along with a penalty of INR 5000 Even so, if the taxpayer's total income does not exceed Rs 5 lakh, then the maximum punishment levied for delay will not exceed Rs thou.

Note: From AY 2021-22, the last appointment of filing belated and revised return has been amended to 31st March 2022 but there is nonetheless no amendment under section 234F.

Last Date of Income Tax Return Filing for AY 2021-22

(Assessee who are required to furnish report under sec 92E)

The due date of filing the Income Revenue enhancement Return by Assesse who are required to replenish a report under sec 92E is 30th November 2021. The govt has extended the concluding date till 15th March 2022.
"The due appointment of furnishing Report from an Accountant past persons entering into international transaction or specified domestic transaction under section 92E of the Act for the Previous Yr 2020-21, which is 31st Oct, 2021, equally extended to 30th November, 2021 vide Circular No.9/2021 dated xx.05.2021, is hereby further extended to 15th February 2022.

Advance Income Taxes Filing Due Dates FY 2020-21

If the tax liability is more than than Rs 10,000 in a fiscal year then advance revenue enhancement needs to exist paid past the assessee.

15th June (15%) | 15th Sept. (45%) | 15th Dec. (75%) | 15th March (100%)

The assessee who are covered under department 44AD and 44ADA (i.due east. Presumptive Income), are besides required to pay the advance tax on or before the 15th march of the previous year. However, whatsoever tax paid till 31st March volition be treated as Advance Tax

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Pradeep Kumawat is a Chartered Accountant from Jaipur. He completed his B.Com from University-Commerce College. Currently, he is working with SAG Infotech Pvt. Ltd. and pursuing his career in the field of taxation. View more posts