In the recent move by the Income Tax department, keeping the pandemic in view, several Due Date of ITR Filing Extended for the year 2020-2021. The extended ITR filing date is a relaxation that aims for individuals and businesses to maintain the business sentiments amidst this pandemic.
The extension in the deadline for income tax filing has been provided by the Income-tax department owing to the chaos prevalent due to the second wave of COVID-19 and restrictions imposed by the several state governments in the country.
Due Date of ITR Filing Extended
The new date that has been announced by the IT department to file for Income tax returns is September 30th. However, the CBDT has also increased the ITR filing deadline till November 30th, 2021. The usual deadline for filing ITR is by July 31st, 2021 for the financial year 2020-2021. Deadline for Filing tax audit reports and transfer pricing certificate
The Central Board of Direct Taxes (CBDT) has extended the deadline by a month to July 15th, 2021 for employers to issue form-16 to employees. The extension has been provided by the CBDT under the Income Tax Act, 1961 owing to the concerns raised by several stakeholders on account of the pandemic and the lockdown restrictions. The government in consultation with various stakeholders decided to extend the deadline for filing the Income tax returns (ITR) and other filings like Form-16.
Deadline for providing Statement of Financial Transaction (SFT) report
The financial institutions can now furnish their statement of SFT report by June 30th, 2021. Earlier the last date was May 31st, 2021.
In case an assessee is unable to submit ITR within the given deadline, still, they can file a belated ITR with some penalty. The due date has now been extended to January 31st, 2022 for filing a revised return of income.
Download E-Startup Mobile App and Never miss the freshest updates narrating to your business.