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Homechevron_rightBusinesschevron_right31 Dec 2021 was last...

31 Dec 2021 was last date to file Income Tax returns, no extension

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31 Dec 2021 was last date to file Income Tax returns, no extension
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New Delhi: There will be no extension beyond its current deadline of December 31 for filing income tax returns with Revenue Secretary Tarun Bajaj's announcement that there is no change in the official deadline in the 2021-2022 assessment year. He said returns filed so far are more than those filed in the previous year.

While the previous deadline was September 30, the Central Board of Direct Taxes (CBDT) had last extended the deadline in September this year till December 31, 2021. The CBDT cited difficulties in filing the returns on the new e-filing portal built by Infosys, which was launched on June 7.

Meanwhile, heeding to demands made by several states, the GST Council on Friday, December 31, put on hold a decision to hike the tax rate on textiles to 12% from 5%, Union Finance Minister Nirmala Sitharaman said. The panel, the highest decision-making body for indirect taxes, met under emergency provisions after states made a request for deferring the January 1 hike in GST tax rates on textiles.

Sitharaman said a similar demand for footwear was not agreed to. With effect from January 1, 2022, all footwear, irrespective of prices, will attract GST at 12%. It was also decided that a 12% uniform GST rate would apply on textile products, except cotton, including readymade garments.

A group of state Finance Ministers that is looking at GST rate rationalisation has been asked to look at the tax rate on textile. The group has been asked to present the report by February 2022, she said.

States like Gujarat, West Bengal, Delhi, Rajasthan, Tamil Nadu and Andhra Pradesh have said they are not in favour of a hike in the Goods and Services Tax (GST) rate on textiles to 12% from 5%, with effect from January 1, 2022.

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