Last date for issuing Form 16 extended till July 31: Here’s how you may still file ITR for AY 2021-22

Within the new earnings tax portal, TDS particulars are simply accessible on the dashboard.

The final date to file earnings tax return (ITR) for the monetary yr 2020-21 has been prolonged until September 30,2021. The ITR submitting final date is mostly July 31 of the yr until which the returns might be filed for the related evaluation yr. “As per Revenue Tax Act, Due date for submitting Revenue Tax Return of Particular person Taxpayers is thirty first July. For FY 20-21, CBDT has prolonged the due date to file Revenue Tax Return of Particular person Taxpayer to September 30, 2021 and now the Particular person Taxpayer can file his Revenue Tax Return until thirtieth September,” says Sujit Bangar, Founder Taxbuddy.com.

Salaried staff get Kind 16 from their employers which assist them in submitting the ITR. Nevertheless, the final date by which the employers can present Kind 16 to their staff has additionally been prolonged. “As per the Revenue Tax Act, employers ought to subject Kind-16 to the worker earlier than fifteenth June yearly after the tip of the Monetary Yr. For FY 20-21, CBDT has prolonged the due date to subject Kind 16. New deadline for employer to subject Kind 16 to worker is July 31, 2021,” informs Bangar.

The tax at supply is already deducted by the employer earlier than crediting the checking account of the worker with the month-to-month wage. Kind 16 is a abstract of the whole quantity paid and is mainly the TDS certificates for the worker. Kind 16 consists of Revenue chargeable below the top ‘Salaries’, some other earnings reported by worker, the assorted deductions below Chapter VI-A corresponding to part 80C, Part 80D and so on.

However, what if somebody desires to file the ITR for evaluation yr 2021-22 with out having obtained the Kind 16? “If the employer fails to supply type 16 to the worker and the worker desires to file his earnings tax return, then the taxpayer can use his month-to-month payslip for calculating his wage earnings for the monetary yr. Taxpayers can take all 12 months wage slip as the idea for the calculation of his Wage Revenue,” says Bangar.

Additionally, many taxpayers need to file ITR particularly those that have TDS to indicate and no different earnings. “In case your whole earnings is lower than primary exemption restrict i.e. Rs 2.5 Lakh and TDS has been accomplished, you shall file earnings tax return. Submitting ITR will guarantee receipt of refund of TDS accomplished. Keep in mind , for submitting ITR, Kind 16 is just not necessary. You’ll find your TDS particulars in 26AS. Within the new earnings tax portal, TDS particulars are simply accessible on the dashboard,” informs Bangar.

And, in the case of choosing the brand new tax regime or persevering with with the outdated tax regime, your Kind 16 will present the choice chosen. This has been offered by bringing a change within the format of Kind 16. “As per the notification just one change is notified in type 16 which is in Half B of Kind 16. As per the brand new change, employers have to report whether or not the worker opted for the New Tax Regime,” informs Bangar.