New Delhi, May 20 (PTI) The authorities on Thursday prolonged the due date of filing revenue tax returns for 2020-21 for individuals by two months till September 30.
The Central Board of Direct Taxes (CBDT) has additionally prolonged the ITR filing deadline for firms by a month till November 30.
As per the revenue tax legislation, for individuals whose accounts usually are not required to be audited and who normally file their revenue tax return utilizing ITR-1 or ITR-4 types the deadline to file ITR is July 31. The deadline for taxpayers, like firms or companies, whose accounts are required to be audited is October 31.
In a round, the CBDT stated an extension of cut-off dates is being given for sure tax compliances (*30*). Also, the deadline for issuing Form 16 by employers to staff has been prolonged by a month till July 15, 2021, the CBDT stated.
The due date for filing the tax audit report and switch pricing certificates has been prolonged by a month till October 31 and November 30, respectively. For filing belated or revised return of revenue, the due date is now January 31, 2022.
Besides, the deadline for monetary establishments to furnish the Statement of Financial Transaction (SFT) report has been prolonged till June 30, from May 31, 2021.
Nangia & Co LLP Partner Shailesh Kumar stated the extension of due dates is probably going to supply some aid to taxpayers on the tax compliance entrance.
“However, 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 u/s 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 added.
The CBDT had on April 1 notified types for filing I-T returns for 2020-21 fiscal, and stated that protecting in view the continued disaster resulting from COVID pandemic and to facilitate the taxpayers, no vital change has been made compared to the final 12 months’s ITR Forms. The new ITR types ask taxpayers if they’re opting for a brand new tax regime.
For the 2020-21 fiscal, the federal government had given taxpayers the choice to decide on a brand new tax regime underneath part 115BAC of the I-T Act.
The new I-T slabs can be for individuals not availing or foregoing sure specified deductions or exemptions whereas computing complete revenue for tax function.
Under this, annual revenue as much as Rs 2.5 lakh is exempt from tax. Those individuals incomes between Rs 2.5 lakh and Rs 5 lakh pays 5 per cent tax. Income between Rs 5 and seven.5 lakh will probably be taxed at 10 per cent, whereas these between Rs 7.5 and 10 lakh at 15 per cent.
Those incomes between Rs 10 and 12.5 lakh pays tax on the charge of 20 per cent, whereas these between Rs 12.5 and Rs 15 lakh pays on the charge of 25 per cent. Income above Rs 15 lakh will probably be taxed at 30 per cent.Â
