Page 84 - DHC Budget Book 2021-22 Final
P. 84
INDIA BUDGET 2021-22
7.5
Revision in due date of filing return of income in certain cases [Sec 139] [w.r.e.f. AY 2021-22]
Following revision in due dates of filing the Return of Income is being proposed in Sec. 139:-
Sl. Type Of Return No.
1. Original Return of Income u/s 139(1)
2. 3.
Comments
Existing Due Date
Proposed Due Date [w.e.f. AY 2021-22]
31st October
30th November
31st December
or completion
of Assessment whichever is earlier.
(i) Where Sec. 5A is applicable to Spouse (governed by Portuguese Civil Code, 1980) of a partner of a firm liable to Tax Audit
31st July
(ii) Partner of a firm liable to furnish report u/s 92E
31st October
Belated Return of Income u/s 139(4)
31st March or completion of Assessment whichever is earlier.
Revised Return of Income u/s 139(5)
For assessee who is required to file report of Transfer Pricing u/s 92E, due date of filing the Original Return is 30th November. Hence, for them Revised Return, if any, shall be required to be filed within 1 month of filing the original return i.e. by 31st December.
7.6 Reduction of Time Limit for Completion of Assessment [Sec. 153] [w.r.e.f. AY 2021-22]
Hitherto, Sec. 153 provides time limit of 12 months from the end of relevant assessment year, for completion of assessment proceedings u/s 143(3) [scrutiny assessment] and u/s 144 [best judgement assessment].
It is proposed to insert a third proviso to Sec. 153(1) to further reduce the above time limit to 9 months from the end of relevant assessment year for AY 2021-22 and onwards.
Comments
The time limit of completion of assessment for various assessment years are as under:-
Sl. Assessment Year No.
1. AY 2017-18 2.
3.
Time Limit for Completion of Assessment
21 months from end of relevant AY i.e. 31-12-2019 18 months from end of relevant AY i.e. 30-09-2020
(Extended to 31-03-2021 vide The Taxation and Other Laws (Relaxation and Amendment of certain provisions) Act, 2020)
12 months from end of relevant AY i.e. 31-03-2021 and 31-03-2022
AY 2018-19
AY 2019-20 and AY 2020-21
AY 2021-22 and onwards
9 months from end of relevant AY i.e. 31-12-2022 and onwards
4.
* In case of reference u/s 92CA, due date shall be extended by 12 months
Reduction of time limit for assessment proceedings has been proposed in view of following:
(i) Compliance burden on the taxpayers is reduced who find it easier to explain matters pertaining to
recent previous year, thus improving ease of doing business.
(ii) Enhances the ability of the Department to detect and bring to tax any leakages of revenue within a shorter span of time.
82 Building a Resilient and Confident India
