New ITR submitting deadlines: Form 16 delayed, Income tax submitting due date prolonged

Amid, the extreme Covid-19 pandemic, the revenue tax (I-T) division has prolonged the I-T return submitting deadline for 2020-21. The extension in timelines will assist ease the strain within the minds of taxpayers. Archit Gupta, Founder and CEO – ClearTax says that these relaxations will scale back the compliance burden for companies which have been struggling within the present disaster. “The extension of due dates for various compliances for employers as well extension of tax filing due date for taxpayers is important in the current situation as the second wave of covid is raging through several states in India,” Archit Gupta stated.

What are the standard deadlines for submitting revenue tax returns?

As per the revenue tax regulation, particular person taxpayers submitting ITR-1 or 4 are required to file their return for the earlier monetary 12 months (2020-21), which ended March 2021, by 31 July 2021. The deadline for firms and corporations whose accounts are to be audited is 31 October.

What are the brand new deadlines?

Individuals can now file their tax returns for revenue earned through the monetary 12 months 2020-21 by 30 September as the federal government has prolonged the I-T return submitting deadline. The Central Board of Direct Taxes (CBDT) has additionally prolonged the ITR submitting deadline for firms by a month until November 30.

Deadline for issuing Form 16

In a round, the CBDT eased by a month until July 15, 2021, the deadline for issuing Form 16 by employers to workers.

The new deadline for submitting tax audit report and switch pricing certificates

The due date for submitting the tax audit report and switch pricing certificates has been prolonged by a month until October 31 and November 30, respectively.

What are belated/revised returns and the brand new deadlines for submitting them?

An assessee who doesn’t submit a return of revenue inside the deadline is allowed to file a belated return at a later time, with a sure penalty. For submitting belated or revised return of revenue the due date is now January 31, 2022.

Deadline for furnishing Statement of Financial Transaction (SFT) report

The deadline for monetary establishments to furnish the Statement of Financial Transaction (SFT) report has been prolonged until June 30, from May 31, 2021.

Why have dates been prolonged?

The dates have been prolonged preserving in view the second wave of the COVID-19 pandemic and the restrictions imposed by state governments and native administrations in numerous elements of the nation.

New tax regime

For 2020-21, the federal government had given taxpayers the choice to decide on a brand new tax regime underneath part 115BAC of the I-T Act. Under this, annual revenue as much as ₹2.5 lakh is exempt from tax. Those people incomes between ₹2.5 lakh and ₹5 lakh pays 5 per cent tax. Income between ₹5 and seven.5 lakh will likely be taxed at 10 per cent, whereas these between ₹7.5 and 10 lakh at 15 per cent.

Those incomes between ₹10 and 12.5 lakh pays tax on the price of 20 per cent, whereas these between ₹12.5 and ₹15 lakh pays on the price of 25 per cent. Income above ₹15 lakh will likely be taxed at 30 per cent

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