In the second wave of Corona, the government has pushed the last date for filing income tax returns two months ahead, giving huge relief to the taxpayers. After this, taxpayers can now submit the returns of 2020-21 till these dates mentioned below.
Now submit returns by 30 September
The CBDT announced on Thursday that taxpayers can now file their income tax returns for the assessment year 2021-22 by 30 September. The CBDT has moved two months ahead of the last date of July 31, 2021, fixed earlier for it under sub-section-1 of section -139 of the Income Tax Act.
Apart from this, CBDT has given exemption to taxpayers to complete many more Complaints and their last date has also been pushed forward.
Financial transaction figures as of June 30
CBDT has now allowed to submit financial transaction information (SFT) for the financial year 2020-21 to be submitted by 31 May 2021 by 30 June. Along with this, the last date for giving information about the report for the calendar year 2020 has also been increased from 31 May to 30 June.
July 15 is the last date for completing Form-16′
Now, people can give information about TDS given in the Form-16 till July 15. First it was to be deposited by 15 June.
At the same time, the last date for auditing the tax deduction made in the last quarter of the financial year 2020-21 has now increased from 31 May to 30 June.
Similarly, information about TDS / TCS book adjustment to be given under Form 24G for the month of May can be submitted by June 30 instead of June 15.
‘Submit these information related to Form 64C, 64D till new date’
The CBDT has given exemption to inform the income holder paid by an investment fund to the unit holder by July 15 instead of June 30 for 2020-21 under Form-64C. Whereas, under Form-64D, it is convenient to give similar information by June 30 instead of June 15.
Similarly, if a recognized retirement fund has deducted tax from the taxpayer for 2020-21, then its information can now be given by June 30 instead of May 31.
Give audit report by 31 October’
The Income Tax Department has extended the last date for submission of mandatory audit report under any section of the Income Tax Act for 2020-21 till 31 October 2021, earlier it was 30 September. Similarly, under Section 90E of the law, the report made by an accountant can be submitted by November 30 for being involved in any international transaction or in any particular domestic transaction. Earlier it was to be done by 31 October.