No Extension Predicted for ITR Filing Due Date in 2021-22 Financial Year

As the tax filing portal continues to function smoothly, the likelihood of extension for the Income Tax Return (ITR) filing due date in the 2021-22 financial year has significantly decreased. This article elucidates why and provides guidance for tax payers to manage their returns on time.

Historical Context and Current Status

Traditionally, the Central Board of Direct Taxes (CBDT) has extended the ITR filing date, particularly during the initial stages of a new system's deployment. However, in recent years, this extension was predominantly due to the COVID-19 pandemic. In 2020-21, the deadline was extended to November 30, 2020, and similar extensions were granted for subsequent years.

No Reasonable Need for Extension This Year

With the current economic and health situation improving, there is little reason for the CBDT to extend the filing date this year. Most taxpayers have already filed their returns, and the tax processing machinery is well-oiled. Therefore, it is advisable for all taxpayers to comply with the due date of July 31, 2022, for their 2021-22 financial year.

Practical Implications and Guidelines

Filing your Income Tax Return on time is crucial to avoid any backlogs and delays in tax refunds. The last date to file ITR is July 31, 2022, and there is no indication of any changes or extensions to this date. Therefore, it is recommended to file your return well in advance, ideally by mid-July to dodge the last-minute rush and potential delays.

Professional Expertise and Insights

According to CA Hunny Badlani, a renowned Chartered Accountant, the new portal has made tax compliance a more convenient and modern process. Given this, it is highly improbable that the deadlines will be extended. The new portal's design aims to facilitate seamless tax filing, thereby reducing the need for extension.

Conclusion

Taxpayers are encouraged to file their Income Tax Returns by the due date to ensure smooth processing of their applications. While the ITR filing portal is currently working well, taxpayers should remain vigilant and quickly address any issues in the final weeks to avoid any extension in the due date.