Showing posts from December, 2021

Don't miss due date of 31 Dec 2021

                         Generally, due date for filing of Income Tax Return (ITR)  for a financial year is based on source of income of the assessee. But due to changes in Income Tax portal, the due date for all the classes of assessee extended to 31st December 2021 (Except tax audit cases)  for this year i.e, assessment year 2021-22. People are under the impression that due date is also the last date beyond which they cannot submit their ITR,  but which is not correct. We can even file ITR after the due date but before the the last date. If we are filing after the due date we lose something which is discussed as follows:               1. In case you fail to submit your ITR before the extended due date of 31st December 2021, you can still do so by 31st March 2022. But you lose your right to carry forward any loss for the current year and which cannot be e set of against current year's income. So in case, you have losses under the the head business income or capital gains or loss b