Tax Return: The returns on earnings for fiscal 2021-22 can be submitted by September 30Amid the intensity of the 2nd wave of the COVID-19 pandemic in the nation, the federal government extended the due date of filing income tax returns (ITR) for the financial year 2020-21 by two months till September 30, to provide relief to taxpayers.
The Financing Ministry likewise extended the timelines for numerous tax compliances under the Income-Tax Act,1961, to address troubles faced by taxpayers throughout the pandemic.
(Likewise Check out: New Income Tax E-filing Website To Be Released For Taxpayers On June 7 ) The Central Board of Direct Taxes (CBDT), the apex body which heads the Earnings Tax (I-T) department, likewise extended the ITR filing due date for business by a month till November 30.
According to a statement launched by the Ministry of Financing on Thursday, May 20, the deadline for issuing Certificate of Tax Deducted at Source in Type No 16 by companies to staff members is extended by a month till July 15, 2021.
The timelines for various other tax compliances that have actually been extended by the federal government are as follows: According to the earnings tax law, the deadline to file ITR for those taxpayers whose accounts are not required to be audited and who generally submit their returns on earnings using ITR-1 or ITR-4 forms is July 31.
The deadline for taxpayers, such as companies or companies, whose accounts are required to be audited is October 31.
The due date for filing the tax audit report along with the transfer pricing certificate is extended by a month till October 31 and November 30, respectively.For filing belated or modified return of earnings, the deadline is now set as January 31, 2022.
The due date for banks to provide the Declaration of Financial Transaction or SFT report is extended till June 30, 201, from May 31, 2021.
The deadline for submitting the statement of reportable account for the calendar year 2020, required to be provided on or before May 31, 2021, can now be provided on or prior to June 30, 2021.
The due date for submitting the declaration of reduction of tax for the last quarter of the financial year 2020-21, needed to be provided on or prior to May 31, 2021, can be provided on or prior to June 30, 2021.
The TDS/TCS book adjustment statement can be furnished on or prior to June 30, 2021.
The due date for submitting the report of audit for the previous year 2020-21, can be furnished on or before October 31, 2021.