Hello! Welcome to our New Blog!
Here, we are going to brief you regarding new updates made by Income Tax Department.
Central Board of Direct Taxes (CBDT) has provided so needed relaxations to the taxpayers by exercising its power conferred under section 119 of Income Tax Act, 1961.
The decision was taken in the wake of second wave of coronavirus pandemic in the country.
New Income Tax filing deadlines for FY 2020-21 (AY 2021-22) as follows:
For regular taxpayers, the due date of of furnishing return of income for the Assessment Year 2021-22 has been extended to September 30 from July 31, 2021.
Audit Assessees will have time till November 30 to file the income tax return. Earlier the date was October 31.
Due date of furnishing Tax Audit Report extended to October 31 from September 30.
Due date of filing belated/revised return of income extended to January 31, 2022 from December 31, 2021.
Due date of Transfer Pricing Study Report extended to November 30
SFT Due date extended to June 30, 2021 from May 31, 2021
Statement of Reportable Account – extended to June 30 from May 31
TDS Statement for fourth quarter of FY 2020-21 extended to June 30. Earlier the last date of filing TDS was May 31.
The last date of issuing Form 16 has been extended by a month to July 15. It was June 15 earlier.
It’s a overall wonderful decision made by Govt if we see the today’s scenario. We are regularly listening the sad news all around the Country and in between there was so much pressure on professionals as well as on the taxpayers to complete the task within time limit which may somewhere a impossible task as we can see there is lockdown in many states.
While person is finding hard to earn one time meal for his families, where it was impossible for him to think about compliances.
In my view, Govt should extend the due dates for other Acts as well like GST, Companies Act, etc.
(If you want to know more or having any question in mind regarding the same, you may contact us via given mail id (firstname.lastname@example.org) or may ask via comment section below this blog)