Govt extends FY21 ITR filing deadline for individuals to September 30

The government on Thursday extended the due date of filing income tax returns for 202021 for individuals by two months till September 30The Central Board of Direct Taxes CBDT has also extended the ITR filing deadline for companies by a month till November 30As per the income tax law for individuals whose accounts are not required to be audited and who usually file their income tax return using ITR1 or ITR4 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 31In a circular the CBDT said an extension of time limits is being given for certain tax compliances to provide relief to taxpayers in view of the severe pandemicAlso the deadline for issuing Form 16 by employers to employees has been extended by a month till July 15 2021 the CBDT saidAlso read Income Tax Department to launch new efiling portal for taxpayers on June 7The due date for filing the tax audit report and transfer pricing certificate has been extended by a month till October 31 and November 30 respectively For filing belated or revised return of income the due date is now January 31 2022Besides the deadline for financial institutions to furnish the Statement of Financial Transaction SFT report has been extended till June 30 from May 31 2021Nangia amp Co LLP Partner Shailesh Kumar said the extension of due dates is likely to provide some relief to taxpayers on the tax compliance frontHowever for taxpayers whose entire 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 respective original due date to avoid the charge of interest us 234A which is charged on filing ITR beyond the original due date at the rate of 1 per cent per month for every month part thereof after the original due date of filing ITR Kumar addedThe CBDT had on April 1 notified forms for filing IT returns for 202021 fiscal and said that keeping in view the ongoing crisis due to Covid19 pandemic and to facilitate the taxpayers no significant change has been made in comparison to the last years ITR Forms The new ITR forms ask taxpayers if they are opting for a new tax regimeFor the 202021 fiscal the government had given taxpayers the option to choose a new tax regime under section 115BAC of the IT ActThe new IT slabs would be for individuals not availing or foregoing certain specified deductions or exemptions while computing total income for tax purposeUnder this annual income up to Rs 25 lakh is exempt from tax Those individuals earning between Rs 25 lakh and Rs 5 lakh will pay 5 per cent tax Income between Rs 5 and 75 lakh will be taxed at 10 per cent while those between Rs 75 and 10 lakh at 15 per centThose earning between Rs 10 and 125 lakh will pay tax at the rate of 20 per cent while those between Rs 125 and Rs 15 lakh will pay at the rate of 25 per cent Income above Rs 15 lakh will be taxed at 30 per centThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever