In a major relief to taxpayers, the Central Board of Direct Taxes (CBDT) on Thursday extended the deadline for filing income-tax returns (ITR) for FY 2020-21 (AY 2021-22) to September 30. “The Central Board of Direct Taxes, in the exercise of its power under section 119 of the Income-tax Act, 1961, provides relaxation…,” the official statement mentioned. The decision was taken in the wake of the second wave of coronavirus pandemic in the country. The Income Tax department has also extended several tax compliance deadlines earlier.
“The extension of due dates for various compliances for employers as well extension of tax filing due date for taxpayers is important in the current situation as the second wave of COVID-19 is raging through several states in India,” Archit Gupta, founder and chief executive officer of ClearTax said.
Check the new Income Tax filing deadlines for FY 2020-21 (AY 2021-22):
1) For regular taxpayers, the due date of furnishing return of income for the Assessment Year 2021-22 has been extended to September 30 from July 31, 2021.
2) Audit Assessees will have time till November 30 to file the income tax return. Earlier the date was October 31.
3) Due date of furnishing Tax Audit Report extended to October 31 from September 30, the CBDT said in a statement.
4) Due date of filing belated/revised return of income extended to January 31, 2022, from December 31, 2021.
5) Due date of Transfer Pricing Study Report extended to November 30
6) SFT Due date extended to June 30, 2021, from May 31, 2021
7) Statement of Reportable Account – extended to June 30 from May 31
8) TDS Statement for the fourth quarter of FY 2020-21 extended to June 30. Earlier the last date of filing TDS was May 31.
9) The last date of issuing Form 16 has been extended by a month to July 15. It was June 15 earlier.
“Various due date relaxations will reduce the compliance burden for businesses that have been struggling in the current crisis. This also emphasizes how critical it is for businesses to move their tax compliance fully online,” ClearTax CEO added.
Income Tax Department on Wednesday said that it would launch a new e-filing portal https://incometax.gov.in on June 7. The existing portal will be unavailable to taxpayers for six days, starting from June 1 to June 6, Income Tax India said in a statement. “The new e-filing portal is aimed at providing taxpayer convenience and a modern, seamless experience to taxpayers. It is another step by CBDT to provide ease of compliance to its taxpayers & other stakeholders,” it further added.
The Tax department earlier said it has issued over Rs 24,792 crore refunds to more than 15 lakh taxpayers so far this fiscal. “CBDT issues refunds of over Rs 24,792 crore to more than 15 lakh taxpayers between 1st April 2021 to 17th May 2021,” the Income-tax department tweeted. Of this personal income tax refunds worth Rs 7,458 crore has been refunded in over 14.98 lakh cases. The corporate tax refunds of Rs 17,334 crore have been issued to 43,661 taxpayers.
You must be logged in to post a comment.