Products You May Like
Earnings Tax Return Due Dates Prolonged for AY 2021-22: The Authorities has prolonged the due date of submitting ITR for Evaluation 12 months 2021-22 for people by two months until September 30. The Central Board of Direct Taxes (CBDT) additionally prolonged the ITR submitting deadline for firms by a month until November 30.
In response to the earnings tax regulation, for people whose accounts should not required to be audited and who normally file their earnings tax return utilizing ITR-1 or ITR-4 types, the deadline to file ITR is July 31. The deadline for taxpayers, like firms or corporations, whose accounts are required to be audited is October 31. These due dates have now been prolonged.
In a round right this moment, the CBDT mentioned the extension of cut-off dates is being given for sure tax compliances “to offer reduction to taxpayers in view of the extreme pandemic”.
Commenting on the extension of due dates, Archit Gupta, Founder, and CEO, ClearTax, mentioned: “Varied due date relaxations will cut back compliance burden for companies which were struggling within the present disaster. This additionally emphasises how crucial it’s for companies to maneuver their tax compliance totally on-line. The extension of due dates for numerous compliances for employers as nicely extension of tax submitting due date for taxpayers is necessary within the present state of affairs because the second wave of covid is raging by a number of states in India.
Type 16 deadline
The deadline for issuing Type 16 by employers to staff has been prolonged by a month until July 15, 2021, the CBDT round mentioned.
Varied different due dates have additionally been prolonged to offer reduction to taxpayers. These are:
- Due date for submitting return of earnings for AY 2021-22 prolonged to thirtieth September, 2021 from thirty first July, 2021 for Common Assessees
- Due date of Submitting Return of Earnings for Tax Audit Assessee – Prolonged to thirtieth November, 2021 from thirty first October,2021
- Due date of furnishing Tax Audit Report prolonged to thirty first October, 2021 from thirtieth September, 2021
- Due date of Submitting Belated/Revised Return of earnings prolonged to thirty first January, 2022 from thirty first December, 2021
- Due date of Switch Pricing Research Report prolonged to thirtieth November, 2021
- SFT Due date prolonged to thirtieth June, 2021 from thirty first Could, 2021
- Assertion of Reportable Account – prolonged to thirtieth June, 2021 from thirty first Could, 2021
- TDS Assertion for This autumn of FY 2020-21 prolonged to thirtieth June, 2021 from thirty first Could, 2021
- Type 16 Challenge Date – prolonged to fifteenth July, 2021 from fifteenth June, 2021
Nangia & Co LLP Companion Shailesh Kumar advised PTI that the extension of due dates is probably going to offer some reduction to taxpayers on the tax compliance entrance.
“Nonetheless, for taxpayers, whose total earnings tax legal responsibility just isn’t discharged by TDS and advance tax and such shortfall is greater than Rs 1 lakhs, they need to endeavour to file their ITR inside respective authentic due date to keep away from the cost of curiosity u/s 234A, which is charged on submitting ITR past the unique due date on the price of 1 per cent monthly for each month/ half thereof after the unique due date of submitting ITR,” Kumar mentioned.
On April 1, CBDT had notified types for submitting ITR for 2020-21 fiscal. No important change was made within the types to facilitate the taxpayers.
Get dwell Stock Prices from BSE, NSE, US Market and newest NAV, portfolio of Mutual Funds, Take a look at newest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and comply with us on Twitter.
Monetary Categorical is now on Telegram. Click here to join our channel and keep up to date with the most recent Biz information and updates.