Income Tax Return Deadline: Individual taxpayers who file ITR-1 or ITR 4 for the previous financial year (2020-21) ending March 31, have to do so by July 31. For companies and firms whose accounts are required to be audited, this deadline is October 31. But keeping in mind the facilities of the taxpayers, these dates have now been extended.
Income Tax Return Deadline: The Income Tax Department has extended the deadline for filing IT returns for the financial year 2020-21 due to the Corona epidemic. This will not only provide great relief to the individual taxpayers, but will also reduce the burden of compliance on the businessmen facing difficulties in the current environment.
According to the Income Tax Rules, individual taxpayers who file ITR-1 or ITR 4 for the previous financial year (2020-21) ended March 31, have to do so by July 31. For companies and firms whose accounts are required to be audited, this deadline is October 31. But keeping in mind the facilities of the taxpayers, these dates have now been extended.
New deadline for ITR
Individuals can now file tax returns for income earned in the financial year 2020-21 till September 30 instead of July 31. The Central Board of Direct Taxes (CBDT) has extended the deadline for filing returns for companies from October 31 to November 30, 2021.
New deadline for revised returns
A taxpayer who has not filed his return after the deadline can file Belated ITR, but for this he will have to pay a penalty. The last date for filing Belated ITR or Revised ITR is now 31st January, 2022.
According to a circular, the CBDT has also extended the deadline for submission of Form 16 to be given by the employer to the employee till July 15, 2021. Earlier its last date was 15 June.
New tax system
The government has started a new tax system for taxpayers from 1 April 2020. It is important to understand what will change under this new tax system, for which taxpayer it is beneficial and who should not opt for it. First understand what is in the new slab.
- Annually 2.5 million bucks to pay no tax on earnings
- of 2.5 million to 5 million bucks to take a 5 percent tax on annual income
- 5-7.5 million will take a 10 percent tax on annual income of Rs
- 10 per cent on an annual income of Rs 7.5 to 10 million Tax take
- from 10 to 12.5 million on an annual income of Rs would give 20 percent tax
- will be 25 per cent tax on annual income of Rs 12.5 to 15 million
- will have to pay 30 percent tax on annual income above 15 million
Switch to new tax slab or not
Taxpayers can move from the old tax slab to the new slab and they can come back from the new slab to the old slab. However, this exemption is only for certain categories of taxpayers. Employed can come back by going to the new slab. Employed can switch tax slabs every financial year. Those who have income from salary, rent or other sources, they can change the tax slab every time. If you have income from business then you can shift only once. Businessmen once switched cannot come back.
If you are a doctor, lawyer, engineer or chartered accountant then you can come under the new scheme. The special thing is that you can choose between new or old scheme every year.
