ITR Filing Due Date Extended: The Central Government has given a big relief on ITR filing today.
ITR Filing Due Date Extended: The Central Government has given a big relief on ITR Filing for Individuals today on Thursday 20 May. Due date for filing ITR returns to Individuals has been increased by two months to 30 September for the financial year 2020-21. Apart from this, due date of filing ITR has also been increased for companies. The Central Board of Direct Taxes (CBDT) has also made the deadline November 30 for ITR filing for companies.
According to the Income Tax Act, the deadline is July 31 for individuals whose accounts do not need auditing and they usually file ITR-1 and ITR-4 forms. Apart from this, the deadline is 31 October for companies or firms whose accounts have to be audited.
Taxpayers get relief due to epidemic
According to the circular issued by the CBDT, the decision to increase the deadline has been taken to provide relief to the taxpayers from the problems caused by the coroma epidemic. The CBDT has also extended the deadline for employees to issue Form 16 to employees on 15 July 2021. Apart from this, due date for filing tax audit report has also been increased by one month to 31 October and due date for filing transfer pricing certificate has been increased by one month to 31 November. The due date for filing the return of delayed or revised income has now been changed to 31 January 2022. The deadline for submission of Statement of Financial Transactions for Financial Institutions has been extended from 31 May to 30 June.
It is advisable to file ITR till the original date
Shailesh Kumar, partner of Nangia & Co LLP, believes that the increase in DU debt has brought a big relief to taxpayers. But those whose entire income tax liability is not paid TDS and advance tax and this liability is more than 1 lakh rupees, they should try to file their ITR to the original deadline instead of the increased deadline. On doing so, they will not have to pay any additional payment under section 234A. This is because every month after the original due date, a fee has to be paid at the rate of 1 percent.