Due to the Covid-19, the Government has extended the due date of filing ITR for Assessment Year 2021-22 for individuals by two months till September 30. The Central Board of Direct Taxes (CBDT) also extended the ITR filing deadline for companies by a month till November 30. In this article, we will discuss Income Tax Return Filing Due Dates Extended.
Income Tax Return Filing Due Dates Extended
The Government has extended the due date of filing ITR for Assessment Year 2021-22 for individuals by two months till September 30. The Central Board of Direct Taxes (CBDT) also continued the ITR filing deadline for companies by a month till November 30.
According to the income tax law, for individuals whose accounts are not expected to be audited and who usually file their income tax return using ITR-1 or ITR-4 forms, the deadline to file ITR is July 31. The deadline for taxpayers, like companies or firms, whose accounts are required to be audited is October 31. These due dates have instantly been extended.
Further notification by CBDT
In a circular today, the CBDT announced the addition of time limits is being provided for certain tax compliances “to provide relief to taxpayers because of the severe pandemic.
Also, Various due date relaxations will decrease the compliance burden for businesses that have been struggling in the prevailing crisis. This also emphasises how critical it is for businesses to move their tax compliance fully online. The extension of due dates for various compliances for employers as well extension of tax filing due date for taxpayers is significant in the current situation as the second wave of covid is raging through several states in India.
However, for taxpayers, whose complete income tax liability is not discharged by TDS and advance tax and such shortfall is more than Rs 1 lakhs, they should endeavour to file their ITR within the respective original due date to avoid the charge of interest u/s 234A, which is charged on filing ITR beyond the new due date at the rate of 1 per cent per month for every month/ part thereof after the original due date of filing ITR.
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