In a serious aid to taxpayers, the Central Board of Direct Taxes (CBDT) on Thursday prolonged the deadline for submitting income-tax returns (ITR) for FY 2020-21 (AY 2021-22) to September 30. “The Central Board of Direct Taxes, in train of its energy underneath part 119 of the Revenue-tax Act, 1961, supplies leisure…,” the official assertion talked about. The choice was taken within the wake of second wave of coronavirus pandemic within the nation. The Revenue Tax division has additionally prolonged a number of tax compliance deadlines earlier.
“The extension of due dates for numerous compliances for employers as nicely extension of tax submitting due date for taxpayers is necessary within the present scenario because the second wave of COVID-19 is raging by means of a number of states in India,” Archit Gupta, founder and chief govt officer of ClearTax mentioned.
Verify the brand new Revenue Tax submitting deadlines for FY 2020-21 (AY 2021-22):
1) For normal taxpayers, the due date of of furnishing return of revenue for the Evaluation Yr 2021-22 has been prolonged to September 30 from July 31, 2021.
2) Audit Assessees may have time until November 30 to file the revenue tax return. Earlier the date was October 31.
3) Due date of furnishing Tax Audit Report prolonged to October 31 from September 30, the CBDT mentioned in a press release.
4) Due date of submitting belated/revised return of revenue prolonged to January 31, 2022 from December 31, 2021.
5) Due date of Switch Pricing Examine Report prolonged to November 30
6) SFT Due date prolonged to June 30, 2021 from Might 31, 2021
7) Assertion of Reportable Account – prolonged to June 30 from Might 31
8) TDS Assertion for fourth quarter of FY 2020-21 prolonged to June 30. Earlier the final date of submitting TDS was Might 31.
8) The final date of issuing Type 16 has been prolonged by a month to July 15. It was June 15 earlier.
“Numerous due date relaxations will cut back compliance burden for companies which were struggling within the present disaster. This additionally emphasizes how essential it’s for companies to maneuver their tax compliance absolutely on-line,” ClearTax CEO added.
Revenue Tax Division on Wednesday mentioned that it could launch a brand new e-filing portal http://incometax.gov.in on June 7. The prevailing portal can be unavailable to taxpayers for six days, ranging from June 1 to June 6, the Revenue Tax India mentioned in a press release. “The brand new e-filing portal is geared toward offering taxpayer comfort and a contemporary, seamless expertise to taxpayers. It’s one other step by CBDT to supply ease of compliance to its taxpayers & different stakeholders,” it additional added.
The Tax division earlier mentioned it has issued over Rs 24,792 crore refunds to greater than 15 lakh taxpayers to date this fiscal. “CBDT points refunds of over Rs 24,792 crore to greater than 15 lakh taxpayers between 1st April 2021 to 17th Might 2021,” the Revenue-tax division tweeted. Of this private revenue tax refunds price Rs 7,458 crore has been refunded in over 14.98 lakh instances. The company tax refunds of Rs 17,334 crore have been issued to 43,661 taxpayers.