(Image source from: business-standard.com)
The deadlines to file the income tax returns for the financial year 2021 are extended by the Central Board of Direct Taxes (CBDT) because of the ongoing coronavirus pandemic. The last date to file the income tax returns are extended to June 30th and the earlier date of filing the TDP was May 31st. This is a huge relief for the taxpayers and TDS deductors as there are lot of records to be filed. The due date for the issuance of Form 16 is extended to July 15th and the previous deadline was June 15th.
For TDS Returns filing, one more column is added who wishes to opt for new tax regime. The employer has to select the option to get the new tax regime. If the individual has TDS deducted exceeding Rs 50,000 per year and if the employer hasn't filed any TDS in the last two years, the government will charge more TDS. If the tax payable at the time of filing returns is more than Rs 1 lakh, the penal interest will be applied from the original due date. The CBDT extended the deadline for filing the income tax returns for the financial year 2020-21 to September 30th. As several businesses have been struggling due to the ongoing coronavirus crisis, the due date relaxations are postponed.
By Siva Kumar