Deadline For Filing Income Tax Returns Extended Till September 30 Amid COVID-19
Amid the severity of the second wave of the COVID-19 pandemic in the country, the government extended the due date of filing income tax returns (ITR) for the financial year 2020-21 by two months till September 30, to provide relief to taxpayers. The Finance Ministry also extended the timelines for various tax compliances under the Income-Tax Act,1961, to address difficulties faced by taxpayers during the pandemic. (Also Read: New Income Tax E-filing Portal To Be Launched For Taxpayers On June 7 )
Â
Granting major relief to taxpayers facing hardship due to the severe pandemic & in view of representations recd, the Central Govt extends certain timelines for compliances under IT Act. CBDT Circular No.9/2021 dated 20.05.2021 issued. Circular available on https://t.co/loEeiuxjTf pic.twitter.com/EFfzvCCRGD
May 20, 2021
The Central Board of Direct Taxes (CBDT), the apex body which heads the Income Tax (I-T) department, also extended the ITR filing deadline for companies by a month till November 30. According to a statement released by the Ministry of Finance on Thursday, May 20, the deadline for issuing Certificate of Tax Deducted at Source in Form No 16 by employers to employees is extended by a month till July 15, 2021.The timelines for various other tax compliances that have been extended by the government are as follows:
- According to the income tax law, the deadline to file ITR for those taxpayers whose accounts are not required to be audited and who usually file their returns on income using ITR-1 or ITR-4 forms is July 31.
- The deadline for taxpayers, such as companies or firms, whose accounts are required to be audited is October 31.
- The due date for filing the tax audit report as well as the transfer pricing certificate is extended by a month till October 31 and November 30, respectively.
- For filing belated or revised return of income, the deadline is now set as January 31, 2022.
- The deadline for financial institutions to furnish the Statement of Financial Transaction or SFT report is extended till June 30, 201, from May 31, 2021.
- The deadline for submitting the statement of reportable account for the calendar year 2020, required to be furnished on or before May 31, 2021, can now be furnished on or before June 30, 2021.
- The due date for filing the statement of deduction of tax for the last quarter of the financial year 2020-21, required to be furnished on or before May 31, 2021, can be furnished on or before June 30, 2021.
- The TDS/TCS book adjustment statement can be furnished on or before June 30, 2021.
- The due date for filing the report of audit for the previous year 2020-21, can be furnished on or before October 31, 2021.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
