ITR filing deadline extended by 2 months for individuals

The extension of due dates is probably going to supply some aid to taxpayers on tax compliance entrance.

In view of the extreme affect of the second wave of the Covid pandemic on particular person taxpayers and corporates, the revenue tax division has prolonged the due date of varied compliances, together with revenue tax return submitting, for salaried people by two months to September 30 from July 31.

For company taxpayers and particular person taxpayers liable to tax audit, the due date of return submitting is prolonged by a month, i.e. from current October 31 to November 30. The due dates for submitting of Tax Audit Report and Switch Pricing Certificates have additionally been prolonged by 1 month from their respective due dates. Even, final date for submitting belated/ revised return for all classes of taxpayers has been prolonged by a month, from current December 31 2021, to January 31 2022.

The due date for submitting TDS returns and assertion of monetary transactions (SFT) statements, that are due by Might 31, has been prolonged by a month to June 30, whereas corresponding due dates for issuance of TDS certificates can also be prolonged by a month to July 15.

The extension of due dates is probably going to supply some aid to taxpayers on tax compliance entrance.

“Nevertheless, for taxpayers, whose complete revenue tax legal responsibility just isn’t discharged by TDS and advance tax and such shortfall is greater than Rs 1 lakh, they need to endeavour to file their ITR inside respective authentic due date to keep away from cost of curiosity u/s 234A, which is charged on submitting ITR past the unique due date on the price of 1% per thirty days for each month/ half thereof after authentic due date of submitting ITR,” stated Shailesh Kumar, associate, Nangia & Co LLP.