Amid the severity of the second wave of the COVID-19 pandemic within the nation, the federal government prolonged the due date of submitting earnings tax returns (ITR) for the monetary 12 months 2020-21 by two months until September 30, to supply reduction to taxpayers. The Finance Ministry additionally prolonged the timelines for varied tax compliances below the Revenue-Tax Act,1961, to deal with difficulties confronted by taxpayers throughout the pandemic. (Additionally Learn: New Revenue 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 below IT Act. CBDT Round No.9/2021 dated 20.05.2021 issued. Round accessible on https://t.co/loEeiuxjTfpic.twitter.com/EFfzvCCRGD— Revenue Tax India (@IncomeTaxIndia) Might 20, 2021
The Central Board of Direct Taxes (CBDT), the apex physique which heads the Revenue Tax (I-T) division, additionally prolonged the ITR submitting deadline for corporations by a month until November 30. In keeping with an announcement launched by the Ministry of Finance on Thursday, Might 20, the deadline for issuing Certificates of Tax Deducted at Source in Kind 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:
- In keeping with the earnings tax regulation, the deadline to file ITR for these taxpayers whose accounts aren’t required to be audited and who often file their returns on earnings utilizing ITR-1 or ITR-4 types is July 31.
- The deadline for taxpayers, comparable to corporations 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 earnings, the deadline is now set as January 31, 2022.
- The deadline for monetary establishments to furnish the Assertion of Monetary Transaction or SFT report is prolonged until June 30, 201, from Might 31, 2021.
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