Income Tax News Alert: Good news for taxpayers. The Central Board of Direct Taxes (CBDT) has extended the last date for filing Tax Deducted at Source (TDS).
Income Tax News Alert: Good news for taxpayers. The Central Board of Direct Taxes (CBDT) has extended the last date for filing Tax Deducted at Source (TDS). The new deadline will be June 30. Earlier, till May 31, there was a deadline to file TDS. In the wake of the second wave of epidemic, recently the Income Tax Department also extended the last date for filing income tax returns to 30 September. Usually, 31 July is the last date for filing returns.
Rebate given for Form-16 too According to the circular issued by the Income Tax Department, along with extending the last date of TDS filing, CBDT has also increased the date of issuance of Form-16 from 15 June 2021 to 15 July 2021. This is good news for both individual taxpayers and businessmen. According to Tax2win CEO Abhishek Soni, there are many challenges facing taxpayers due to Kovid-19. Businesses of small businessmen in particular are at a standstill. Compliance is difficult for business in such a situation. With this decision, the businessman will be able to get time for compliance and will be able to complete his work on the increased deadline, there will not be any penalty and late fees.
Deadline of tax returns also increased
The government recently extended the deadline for taxpayers to file income tax returns. The deadline for filing personal income tax return for assessment year 2020-21 has been extended by two months to 30 September 2021. Earlier this deadline was 31 July 2021. Apart from this, the last date for Income Tax Audit Assessments has also been increased from 31 October 2021 to 30 November 2021.
Deadline is different for audited accounts
Let us tell you that for taxpayers whose accounts do not need to be audited and who file their income tax returns through ITR-1 or ITR-4, the last date for filing ITR is 31 July, but such companies or For firms whose accounts are audited, the deadline for filing ITR is 31 October.
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