- The time allotted previously was September 30
- The first phase lasted until July 31
- The date was extended considering the difficulty of taxpayers
The Income Tax Department said the date was extended in light of the difficulties taxpayers and shareholders share in filing income tax returns.
The Central Board of Direct Taxes (CBDT) has extended the deadline for the submission of audit reports for the financial year 2020-21 from September 30 to October 31. This has been extended until January 15, 2022.
At the same time, the penalty for violating the deadline for filing income tax returns was cut in half. Now a fine of Rs 5,000 is paid for filing a deferred return from the previous year. Before it was 10,000 rupees.
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