Government extends FY21 ITR submitting deadline to September 30 for people

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The authorities on Thursday prolonged the deadline for people to file revenue tax returns for 2020-21 by two months to 30 September.

The Central Board of Direct Taxes (CBDT) has additionally prolonged the deadline for firms to file ITR by one month to 30 November.

As per the Income Tax Act, for these people who don’t have to audit their accounts and who often file their revenue tax returns utilizing ITR-1 or ITR-4, the deadline for submitting ITR is 31 July. The deadline for taxpayers, comparable to firms or corporations whose accounts are required to be audited, is 31 October.

In a round, the CBDT mentioned that the deadline for some tax compliance is being prolonged “to provide relief to taxpayers in the wake of severe epidemics”.

Also, the deadline for employers to difficulty Form 16 to staff has been prolonged for a month to July 15, 2021, the CBDT mentioned.

The due date for submitting tax audit report and switch pricing certificates has been prolonged for one month until 31 October and 30 November respectively. The deadline for submitting delayed or revised revenue returns is now January 31, 2022.

In addition, the deadline for monetary establishments to submit a Statement of Financial Transaction (SFT) report has been prolonged from May 31, 2021 to June 30.

Nangia & Co LLP companion Shailesh Kumar mentioned that the extension of due dates is probably going to supply some aid to taxpayers on the tax compliance entrance.

“However, for these taxpayers whose complete revenue tax legal responsibility is just not exempt from TDS and advance tax and such shortfall is greater than Rs 1 lakh, they need to try to file their ITR throughout the authentic due date to keep away from cost of curiosity. 234A, which is levied on submitting ITR on the charge of 1 % per thirty days for each month / half thereof after the unique due date for submitting ITR after the unique due date, ”Kumar mentioned.

The CBDT notified the types for submitting IT returns for the fiscal yr 2020-21 on 1 April, and said that in view of the continuing disaster attributable to the COVID epidemic and for the comfort of taxpayers, the earlier yr There is not any vital change in comparison with ITR. Form. The new ITR types ask taxpayers whether or not they’re choosing a brand new tax regime.

For the monetary yr 2020-21, the federal government gave taxpayers the choice to decide on a brand new tax regime underneath Section 115BAC of the IT Act.

The new IT slabs can be for people who aren’t taking or making the most of sure specified deductions or exemptions whereas computing the overall revenue for tax objective.

Under this, there’s a tax exemption on annual revenue as much as Rs 2.5 lakh. Individuals with revenue between Rs 2.5 lakh to Rs 5 lakh should pay 5 % tax. An revenue between Rs 5 to 7.5 lakh can be taxed at 10 per cent, whereas revenue between Rs 7.5 to 10 lakh can be taxed at 15 per cent.

Those with an revenue of Rs 10 to 12.5 lakh should pay tax on the charge of 20 %, whereas these between Rs 12.5 to fifteen lakh should pay tax on the charge of 25 %. Income above Rs 15 lakh can be taxed at 30 %.

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With inputs from TheIndianEXPRESS

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