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Govt extends income tax return filing deadlines amid COVID

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Govt extends income tax return filing deadlines amid COVID
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In a move offering relief to taxpayers in view of the pandemic, the government on Thursday extended the due date of filing income tax returns for 2020-21 for individuals by two months till September 30.

The Central Board of Direct Taxes (CBDT) has also extended the ITR filing deadline for companies by a month till November 30.

"The Central Government, in continuation of its commitment to address the hardship being faced by various stakeholders on account of the severe Covid-19 pandemic, has, on consideration of representations received from various stakeholders, decided to extend timelines for compliances under the Income-tax Act," the Central Board of Direct Taxes (CBDT) said in a statement Thursday

According to the income tax law, individuals whose accounts are not required to be audited and who usually file their income tax return using ITR-1 or ITR-4 forms has to file the ITR before July 31. The deadline for taxpayers, like companies or firms, whose accounts are required to be audited is October 31.

In addition to this, the deadline for issuing Form 16 by employers to employees has been extended by a month till July 15, 2021, the CBDT said.

The due date for filing belated or revised return of income, is now January 31, 2022. Among other relaxations, the deadline for financial institutions to furnish the Statement of Financial Transaction (SFT) report has been extended till June 30, from May 31, 2021.

The CBDT had on April 1 notified forms for filing I-T returns for 2020-21 fiscal, and said that keeping in view the ongoing crisis due to COVID pandemic and to facilitate the taxpayers,

The CBDR on April 1 had notified that no significant change has been made in comparison to the last year's ITR Forms. The new ITR forms ask taxpayers if they are opting for a new tax regime. For the 2020-21 fiscal, the government had given taxpayers the option to choose a new tax regime under section 115BAC of the I-T Act.

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TAGS:Income Tax Return Covid19 updates 
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