NEW DELHI, May 20: Amid the severity of the second wave of the COVID-19 pandemic in the country, the central government has extended the due date of filing income tax returns (ITR) for the financial year 2020-21 by two months till September 30, to provide relief to taxpayers.
The Finance Ministry also extended the timelines for various tax compliances under the Income-Tax Act,1961, to address difficulties faced by taxpayers during the pandemic.
The Central Board of Direct Taxes (CBDT), the apex body which heads the Income Tax (I-T) department, also extended the ITR filing deadline for companies by a month till November 30. According to a statement released by the Ministry of Finance on Thursday, the deadline for issuing Certificate of Tax Deducted at Source in Form No 16 by employers to employees is extended by a month till July 15, 2021.
The timelines for various other tax compliances that have been extended by the government are as follows:
- According to the income tax law, the deadline to file ITR for those taxpayers whose accounts are not required to be audited and who usually file their returns on income using ITR-1 or ITR-4 forms is July 31.
- The deadline for taxpayers, such as companies or firms, whose accounts are required to be audited is October 31.
- The due date for filing the tax audit report as well as the transfer pricing certificate is extended by a month till October 31 and November 30, respectively.
- For filing belated or revised return of income, the deadline is now set as January 31, 2022.
- The deadline for financial institutions to furnish the Statement of Financial Transaction or SFT report is extended till June 30, from May 31, 2021.
- The deadline for submitting the statement of reportable account for the calendar year 2020, required to be furnished on or before May 31, 2021, can now be furnished on or before June 30, 2021.
- The due date for filing the statement of deduction of tax for the last quarter of the financial year 2020-21, required to be furnished on or before May 31, 2021, can be furnished on or before June 30, 2021.
- The TDS/TCS book adjustment statement can be furnished on or before June 30, 2021.
- The due date for filing the report of audit for the previous year 2020-21, can be furnished on or before October 31, 2021.