Government has Extended the FY21 Tax Deadline to the Public by September 30
The government has extended the 2020-21 tax deadline for individuals on September 30.
According to the Income Tax Act, people whose accounts do not need to be audited and who often submit their tax returns using ITR-1 or ITR-4 create an ITR filing deadline on July 31.
On Thursday, the government extended the deadline for submitting 2020-21 tax returns to the public for two months until September 30.
The Central Board of Direct Taxes (CBDT) also extended the ITR deadline for companies every month until November 30.
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According to the income tax law, people whose accounts do not need to be audited and who often submit their tax returns using ITR-1 or ITR-4 set an ITR submission deadline on July 31. However, a taxpayer deadline, such as companies or firms, whose accounts need to be audited before October 31.
At the summit, CBDT said it was adding time limits to specific tax laws “to help taxpayers because of this difficult epidemic.”
The deadline for submitting a tax audit report and a transfer certificate is extended to one month until October 31 and November 30, respectively. By completing a refund or adjustment, the deadline is now January 31, 2022.
In addition, the deadline for financial institutions to submit a Financial Transaction Statement (SFT) has been extended by June 30, from May 31, 2021.
Nganga & Co LLP partner Shailesh Kumar said the deadline extension could help taxpayers in the tax compliance sector.
“Although, for taxpayers, the total tax liability that can be pay by TDS and the transfer tax and such debt is more than Rs 1 lakhs, they should try to enter their ITR within the first day to avoid charging 234A interest, which is allocated to include The ITR is beyond the initial term limit at a rate of one percent/half of that after the first day of the ITR application, “Kumar said.
CBDT announced the forms on April 1 for completing the IT forms with funding for the 2020-21 grant, and stated that to maintain the vision of the ongoing crisis due to the COVID epidemic and to facilitate taxpayers, no significant changes have been made compared to last year. . The new ITR forms ask taxpayers if they select a new tax authorities.
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For the 2020-21 financial year, the government had allowed taxpayers to elect a new tax regime under section 115BAC of the IT Act.
Under this, an annual income of up to Rs 2.5 lakh is charged. Those people earning between Rs 2.5 lakh and Rs 5 lakh will pay 5% tax. Wages between Rs 5 and 7.5 lakh will be taxed at 10 %, while those between Rs 7.5 and 10 lakh will be 15 %
That compensation between Rs 10 and 12.5 lakh will pay 20% tax, while those between Rs.5 and Rs 15 lakh will pay 25%. Income over Rs 15 lakh will be taxed at 30 percent.
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