The Buyt Desk
Income Tax return filing gets an extension of 2 months. The severe second wave of COVID-19 has been the reason behind this move. To provide relief to taxpayers they can file their income tax return for the financial year 2020-21 till 30th September 2021. The last date was 31st July which has now moved further by two months. Apart from the return filing extension, there have been many changes in various tax compliances to ease the stress on common taxpayers.
Here are the 7 new extended deadlines to file your income tax returns
1)For the financial Year 2020-21 for which the assessment year is 2021-22 tax return can be filed till 30th September. The taxpayers whose accounts are not audited and usually file their return in form ITR-1 and ITR-4 will benefit from this extension.
2)The companies and firms whose accounts are audited are also allowed for an extension. Earlier they had to file their return by 31st October but now they have time until 30th November.
3) Central Board of Direct taxes has given an extra time of one month to companies to furnish the Form-16 to its employees by 15th July 2021. The companies are required to give this by 15th June of every year but now there is a relaxation of one month.
4) Those who have to file a tax audit report as well as the transfer pricing certificate gets a date extension by a month and can do so till 31 st October and 30th November, respectively.
5) The dates for filing belated or revised return has been also pushed by a month to 31st January 2022, from 31st December 2021.
6) The financial institutions have also seen an extension of the deadline for furnishing the Statement of Financial Transaction or SFT report. It is extended till June 30, 2021, from May 31, 2021.
7) The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21 which is required to be furnished on or before 31st May 2021 can now be furnished on or before 30th June 2021.
The government has already notified the income tax return forms for the financial year 2020-21 on 1st April itself. These forms are pretty much the same as the last year. The Central Board of Direct Taxes has ensured that the process of return filing remains easy in pandemic times and that is why there have been no significant changes in the return form as compared to the last year’s ITR forms.
