ITR or Income Tax Return Filing Deadline for FY21 (AY 2021-22) Extended.

 


The Central Board of Direct Taxes (CBDT) extended the deadline for filing income-tax returns (ITR) for FY 2020-21 to September 30 in a big relief to taxpayers. Everything you need to know

The deadline for filing income tax returns (ITR) for FY 2020-21 (AY 2021-22) has been extended to September 30, according to the Central Board of Direct Taxes (CBDT). "The Central Board of Direct Taxes, in the exercise of its competence under section 119 of the Income-tax Act, 1961, offers relief..." according to the official statement.The decision was made in the aftermath of the country's second coronavirus pandemic. Earlier this year, the Internal Revenue Service (IRS) extended numerous tax deadlines.

The extension of due dates for different compliances for employers, as well as the extension of tax filing due dates for taxpayers, is crucial under the current conditions, according to Archit Gupta, founder and CEO of ClearTax.


Check out the new tax deadlines for FY 2020-21 (AY 2021-22):

1) For regular taxpayers, the due date for filing an income tax return for Assessment Year 2021-22 has been moved from July 31, 2021 to September 30, 2021.

2) Audited taxpayers have until November 30 to file their income tax returns. The previous date was October 31.

3) The deadline for submitting the Tax Audit Report has been extended from September 30 to October 31, according to a statement from the CBDT.

4) The deadline for filing a late/revised income tax return has been moved from December 31, 2021 to January 31, 2022.



5) The deadline for submitting the Transfer Pricing Study Report has been extended to November 30.

6) The deadline for SFTs has been extended from May 31, 2021 to June 30, 2021.

7) Statement of Reportable Account - the deadline has been extended from May 31 to June 30.

8) The deadline for filing the TDS Statement for the fourth quarter of FY 2020-21 has been extended to June 30. Previously, the deadline for filing TDS was May 31.

9) The deadline for submitting Form 16 has been pushed back a month to July 15. It had been June 15 the day before.

“Various due date extensions will ease compliance burdens for businesses struggling in the current economic downturn. This also underscores the importance of firms moving their tax compliance completely online."

The Income Tax Department announced on Wednesday that on June 7, it will launch a new e-filing site at http://incometax.gov.in/From June 1 to June 6, the present platform would be unavailable to taxpayers for six days, according to a statement from Income Tax India. “The new e-filing portal is designed to provide taxpayers with ease as well as a modern, seamless experience. It is another step by the CBDT to make compliance easier for its taxpayers and other stakeholders," it continued.


So far this fiscal year, the tax department has issued over Rs 24,792 crore in refunds to over 15 lakh taxpayers. The Income Tax Department tweeted, "CBDT issues refunds of about Rs 24,792 crore to more than 15 lakh taxpayers between 1st April 2021 and 17th May 2021." In all, Rs 7,458 crore in personal income tax refunds were issued in approximately 14.98 lakh cases. 43,661 taxpayers received Rs 17,334 crore in corporate tax refunds.

Certicom would be the ideal pick for all financial services a company needs if you are looking for the best taxation services in Bangalore.





Comments

Post a Comment

Popular posts from this blog

India's once-in-a-century budget runs into trouble as virus strikes back

Image
   Many praised India’s annual budget in February, raising hopes that it would spark a rapid economic recovery. However, there are now concerns that its promise may be unfulfilled since it failed to account for a crippling second wave of COVID-19 infections. Find more financial related updates happening around the country through Certicom . India would not see a budget like this in “100 years,” according to Finance Minister Nirmala Sitharaman. At the time, the economy was on course to recover from its deepest recorded depression, thanks to a huge COVID-19 immunization campaign and a revival in consumer demand and investments. After the United States, the South Asian country is fighting the world’s second-highest coronavirus burden, with 300,000 infections and 4,000 deaths every day. With numerous sections of the country under varying degrees of lockdown, most of the budget’s growth estimates are now in jeopardy. The severity of the problem has investors questioning if India, which was
Read more

Managerial Accounting

Image
                        Accountants play a critical role in helping key decision-makers comprehend the subtleties of ongoing company activities, which helps them improve their organizations’ financial and operational performance. Accountants offer detailed reports and suggestions that steer investments, capital management strategies, and organizational goals by combining quantitative and qualitative financial data. If you are looking for the best  CA firms in Bangalore , you have come to the right place  Certicom  is the leading CA firm in Bangalore. According to the Corporate Finance Institute, managerial accounting is the process of “identifying, measuring, analyzing and interpreting accounting information” that helps corporate leaders make smart financial decisions and efficiently manage their daily operations. Unlike other disciplines of accounting, this one is primarily concerned with internal data collection and reporting, which means that experts rarely engage with or advise ext
Read more