Govt extends FY21 ITR submitting cut-off date for people until Sep 30

The federal government on Thursday prolonged the due date of submitting source of revenue tax returns for 2020-21 for people by way of two months until September 30.

The Central Board of Direct Taxes (CBDT) has additionally prolonged the ITR submitting cut-off date for firms by way of a month until November 30.

As in line with the source of revenue tax legislation, for people whose accounts aren’t required to be audited and who generally record their source of revenue tax go back the usage of ITR-1 or ITR-Four paperwork the cut-off date to record ITR is July 31. The cut-off date for taxpayers, like firms or corporations, whose accounts are required to be audited is October 31.

In a round, the CBDT mentioned an extension of cut-off dates is being given for positive tax compliances “to offer reduction to taxpayers in view of the critical pandemic”.

Additionally, the cut-off date for issuing Shape 16 by way of employers to workers has been prolonged by way of a month until July 15, 2021, the CBDT mentioned.

The due date for submitting the tax audit record and switch pricing certificates has been prolonged by way of a month until October 31 and November 30, respectively. For submitting belated or revised go back of source of revenue, the due date is now January 31, 2022.

But even so, the cut-off date for monetary establishments to furnish the Commentary of Monetary Transaction (SFT) record has been prolonged until June 30, from Might 31, 2021.

Nangia & Co LLP Spouse Shailesh Kumar mentioned the extension of due dates is most probably to offer some reduction to taxpayers at the tax compliance entrance.

“Alternatively, for taxpayers, whose complete source of revenue tax legal responsibility isn’t discharged by way of TDS and advance tax and such shortfall is greater than Rs 1 lakhs, they must endeavour to record their ITR inside respective authentic due date to steer clear of the fee of pastime u/s 234A, which is charged on submitting ITR past the unique due date on the fee of one in line with cent monthly for each and every month/ section thereof after the unique due date of submitting ITR,” Kumar added.

The CBDT had on April 1 notified paperwork for submitting I-T returns for 2020-21 fiscal, and mentioned that maintaining in view the continuing disaster because of COVID pandemic and to facilitate the taxpayers, no important alternate has been made compared to the closing yr’s ITR Bureaucracy. The brand new ITR paperwork 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 select a brand new tax regime beneath phase 115BAC of the I-T Act.

The brand new I-T slabs can be for people now not availing or foregoing positive specified deductions or exemptions whilst computing general source of revenue for tax goal.

Beneath this, annual source of revenue as much as Rs 2.five lakh is exempt from tax. The ones folks incomes between Rs 2.five lakh and Rs five lakh pays five in line with cent tax. Source of revenue between Rs five and seven.five lakh might be taxed at 10 in line with cent, whilst the ones between Rs 7.five and 10 lakh at 15 in line with cent.

The ones incomes between Rs 10 and 12.five lakh pays tax on the fee of 20 in line with cent, whilst the ones between Rs 12.five and Rs 15 lakh pays on the fee of 25 in line with cent. Source of revenue above Rs 15 lakh might be taxed at 30 in line with cent.