Amid the severity of the second wave of the COVID-19 pandemic within the nation, the federal government prolonged the due date of submitting revenue tax returns (ITR) for the monetary 12 months 2020-21 by two months until September 30, to offer reduction to taxpayers. The Finance Ministry additionally prolonged the timelines for varied tax compliances underneath the Income-Tax Act,1961, to handle difficulties confronted by taxpayers in the course of the pandemic. (Also Read: New Income Tax E-filing Portal To Be Launched For Taxpayers On June 7 )
Granting main reduction to taxpayers going through hardship because of the extreme pandemic & in view of representations recd, the Central Govt extends sure timelines for compliances underneath IT Act. CBDT Circular No.9/2021 dated 20.05.2021 issued. Circular accessible on https://t.co/loEeiuxjTfpic.twitter.com/EFfzvCCRGD
— Income Tax India (@IncomeTaxIndia) May 20, 2021
The Central Board of Direct Taxes (CBDT), the apex physique which heads the Income Tax (I-T) division, additionally prolonged the ITR submitting deadline for firms by a month until November 30. According to an announcement launched by the Ministry of Finance on Thursday, May 20, the deadline for issuing Certificate of Tax Deducted at Source in Form No 16 by employers to staff is prolonged by a month until July 15, 2021.
The timelines for varied different tax compliances which have been prolonged by the federal government are as follows:
- According to the revenue tax legislation, the deadline to file ITR for these taxpayers whose accounts are usually not required to be audited and who often file their returns on revenue utilizing ITR-1 or ITR-Four varieties is July 31.
- The deadline for taxpayers, reminiscent of firms or companies, whose accounts are required to be audited is October 31.
- The due date for submitting the tax audit report in addition to the switch pricing certificates is prolonged by a month until October 31 and November 30, respectively.
- For submitting belated or revised return of revenue, the deadline is now set as January 31, 2022.
- The deadline for monetary establishments to furnish the Statement of Financial Transaction or SFT report is prolonged until June 30, 201, from May 31, 2021.
- The deadline for submitting the assertion of reportable account for the calendar 12 months 2020, required to be furnished on or earlier than May 31, 2021, can now be furnished on or earlier than June 30, 2021.
- The due date for submitting the assertion of deduction of tax for the final quarter of the monetary 12 months 2020-21, required to be furnished on or earlier than May 31, 2021, could be furnished on or earlier than June 30, 2021.
- The TDS/TCS e book adjustment assertion could be furnished on or earlier than June 30, 2021.
- The due date for submitting the report of audit for the earlier 12 months 2020-21, could be furnished on or earlier than October 31, 2021.