Tax Filing Deadlines

The Gujarat High Court has rejected a plea seeking extension of deadline for filing of returns but observed that the CBDT may take a lenient view on penalty for late filing of tax audit reports. The Income Tax Department had on Monday rejected demand for further extension of the deadline for filing returns where audit is required beyond February 15. According to an oral order on January 13, 2021, the court said it has reached the conclusion that it should not interfere in the matter after hearing all the parties. "In the result, both the writ applications fail and are hereby rejected. At this stage, we may only observe that the CBDT may consider issuing an appropriate circular taking a lenient view as regards the consequences of late filing of the Tax Audit Reports as provided under Section 271B of the Act. We leave it to the better discretion of the CBDT in this regard," it said. As per Section 271B of the Income Tax Act, if any assessee fails to get his accounts audited in respec

The government has, however, introduced higher penalties for late filing from this AY onwards