Government extends FY21 ITR submitting deadline for people until Sep 30

The authorities on Thursday prolonged the due date of submitting revenue tax returns for 2020-21 for people by two months until September 30.
The Central Board of Direct Taxes (CBDT) has additionally prolonged the ITR submitting deadline for corporations by a month until November 30.
As per the revenue tax regulation, for people whose accounts will not be required to be audited and who normally file their revenue tax return utilizing ITR-1 or ITR-4 varieties the deadline to file ITR is July 31. The deadline for taxpayers, like corporations or corporations, whose accounts are required to be audited is October 31.
In a round, the CBDT mentioned an extension of deadlines is being given for sure tax compliances “to provide relief to taxpayers in view of the severe pandemic”.
Also, the deadline for issuing Form 16 by employers to workers has been prolonged by a month until July 15, 2021, the CBDT mentioned.
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. For submitting belated or revised return of revenue, the due date is now January 31, 2022.
Besides, the deadline for monetary establishments to furnish the Statement of Financial Transaction (SFT) report has been prolonged until June 30, from May 31, 2021.
Nangia & Co LLP Partner Shailesh Kumar mentioned the extension of due dates is probably going to offer some aid to taxpayers on the tax compliance entrance.

“However, for taxpayers, whose entire income tax liability is not discharged by TDS and advance tax and such shortfall is more than Rs 1 lakhs, they should endeavour to file their ITR within respective original due date to avoid the charge of interest u/s 234A, which is charged on filing ITR beyond the original due date at the rate of 1 per cent per month for every month/ part thereof after the original due date of filing ITR,” Kumar added.
The CBDT had on April 1 notified varieties for submitting I-T returns for 2020-21 fiscal, and mentioned that protecting in view the continuing disaster resulting from COVID pandemic and to facilitate the taxpayers, no vital change has been made compared to the final yr’s ITR Forms. The new ITR varieties ask taxpayers if they’re choosing a brand new tax regime.
For the 2020-21 fiscal, the federal government had given taxpayers the choice to decide on a brand new tax regime below part 115BAC of the I-T Act.
The new I-T slabs could be for people not availing or foregoing sure specified deductions or exemptions whereas computing whole revenue for tax function.
Under this, annual revenue as much as Rs 2.5 lakh is exempt from tax. Those people incomes between Rs 2.5 lakh and Rs 5 lakh can pay 5 per cent tax. Income between Rs 5 and seven.5 lakh might be taxed at 10 per cent, whereas these between Rs 7.5 and 10 lakh at 15 per cent.

Those incomes between Rs 10 and 12.5 lakh can pay tax on the price of 20 per cent, whereas these between Rs 12.5 and Rs 15 lakh can pay on the price of 25 per cent. Income above Rs 15 lakh might be taxed at 30 per cent.