Huge Relaxation for Taxpayers by Extending ITR Deadlines 2 Months

Due to the increasing devastation of Second Covid, The deadline for various tax compliances has been extended. “The last date for issuing Form 16 has been stretched to July 15, 2021.” While there are so many due dates in general, let us check out all:

And the last date of filing income tax returns Get all due dates of income tax return and payment of advance taxes for FY 2020-21 (AY 2021-22). We update the last date as per the IT department’s notifications. Read more for 2020-21 for individuals has been extended by the government by two months till 30 September.

Moreover, The Central Board of Direct Taxes (CBDT) has also stretched the ITR filing deadline for companies by a month i.e. till November 30.

For individuals, whose accounts are not necessarily to be audited and who usually file their income tax return using either ITR-1 or ITR-4 forms, the last date to file ITR is July 31. Nevertheless, the last date for taxpayers, like firms or companies is October 31.

“Income Tax Dept will also launch its new e-filing portal http://incometax.gov.in on 7 June 2021. Existing ITD portal http://incometaxindiaefiling.gov.in would not be available to taxpayers/other stakeholders for a brief period of 6 days, from 1 June 2021 to 6 June 2021,” according to a statement from the Income Tax Department.

And The last date for filing the transfer pricing certificate and the tax audit report has been stretched by a month till November 30 and October 31 respectively.

Adding further, for financial institutions, the last date for providing the Statement of Financial Transaction (SFT) report has been stretched till June 30, from May 31, 2021.

“Various due date relaxations will reduce the compliance burden for businesses that have been struggling in the current crisis. This also emphasizes how critical it is for businesses to move their tax compliance fully online. The extension of due dates for various compliances for employers as well extension of tax filing due date for taxpayers is important in the current situation as the second wave of covid is raging through several states in India,” said a tax expert.