New Delhi: In view of the pandemic, the revenue tax (I-T) division has been extending a number of deadlines pertaining to submitting returns for the 12 months 2020-21. These relaxations are aimed toward providing ease to particular person taxpayers and companies who’re making an attempt to remain afloat within the present enterprise atmosphere. The dates have been prolonged maintaining in view the second wave of the COVID-19 pandemic and the restrictions imposed by state governments in varied components of the nation.
What are the brand new deadlines?
Taxpayers can now file their tax returns for revenue earned through the monetary 12 months 2020-21 by September 30. The Central Board of Direct Taxes (CBDT) has additionally prolonged the ITR submitting deadline for firms to November 30. Additionally Learn: New Toll Plaza Guidelines: Know When Your Toll-Tax Will Be Exempted
What are the standard deadlines for submitting income-tax returns?
In regular circumstances, particular person taxpayers submitting ITR-1 or four ought to have submitted their returns for the monetary 12 months 2020-21, which ended March 2021, by July 31, 2021.
New deadline for submitting tax audit report and switch pricing certificates
Consistent with the above adjustments, the date for submitting the tax audit report and switch pricing certificates has been prolonged by a month until October 31 and November 30, respectively.
What’s the deadline for issuing Type 16?
In a round, the CBDT prolonged by a month to July 15, 2021 the deadline for employers to problem Type 16 to staff. ‘The Central Authorities, in continuation of its dedication to deal with the hardship being confronted by varied stakeholders on account of the extreme COVID-19 pandemic, has, on consideration of representations obtained from varied stakeholders, determined to increase timelines for compliances below the Revenue-tax Act, 1961..,’ the CBDT stated in a press release.
What’s the Deadline for furnishing Assertion of Monetary Transaction (SFT) report?
The deadline for monetary establishments to furnish the Assertion of Monetary Transaction (SFT) report has been prolonged to June 30 from Might 31, 2021.
What are revised returns and the brand new deadline for his or her submitting?
In case an assessee d not submit a return of revenue throughout the deadline, the person is allowed to file a belated return however with a penalty. For submitting a belated or revised return of revenue, the due date is now January 31, 2022.
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