CURRENT AFFAIRS

Detailed explanation-1: -Domestic companies must file their returns by October 31, 2022, for the Financial Year (FY) 2021-2022. The due date to file ITR will be November 30, 2022, if the company has any foreign transaction or specified domestic transactions and is required to file a report in Form Number 3CEB under Section 92E.

Detailed explanation-2: -The Central Board of Direct Taxes (CBDT) has extended the due date for filing income tax returns (ITRs) by corporate and individuals whose accounts need to be audited, to November 7, 2022. Earlier the due date of filing ITR for these assessees was October 31, 2022.

Detailed explanation-3: -The last date to file the revised ITR for FY 2021-22 (AY2022-23) is also December 31, 2022. What is the process of filing belated ITR? A belated ITR is filed under Section 139(4) of the Income-tax Act, 1961.

Detailed explanation-4: -In comparison to the previous due date at the end of the assessment year, this date has been shortened by three months to the 31st December of the assessment year. As a result, the deadline for filing the belated return for FY 2023-23 is December 31, 2022.

Detailed explanation-5: -If your business is organized as an S corporation, the income tax return or extension is due by the 15th day of the 3rd month after the end of your tax year. If the business is a C corporation then the extension is due by the 15th day of the 4th month after the end of your tax year.