NEW DELHI: The government on Thursday extended the deadlines of various tax compliances to ease hardships faced by taxpayers amid the second wave of Covid-19 pandemic. The due date of filing Income Tax Returns (ITRs) for financial year 2020-21 (or assessment year 2021-22) for individuals has been
extended by two months till September 30. For companies, the Central Board of Direct Taxes (CBDT) has extended the ITR filing deadline by a month till November 30.
In addition, the deadline for issuing Form 16 by employers to employees has been extended by a month till July 15, 2021, the CBDT said in a circular. The due date of furnishing the tax audit report has also been extended to October 31 2021 from September 30, 2021. For filing belated or revised return of income, the due date is now January 31, 2022.
Nangia & Co LLP Partner Shailesh Kumar said that the extension of due dates is likely to provide some relief to taxpayers on the tax compliance front. “However, for taxpayers, whose entire income tax liability is not discharged by TDS and advance tax and such shortfall is more than Rs 1 lakhs, they should endeavour to file their ITR within respective original due date to avoid the charge of interest u/s 234A, which is charged on filing ITR beyond the original due date at the rate of 1 per cent per month for every month/ part thereof after the original due date of filing ITR,” he added.
That apart, the I-T department will launch a new e-filing web portal for taxpayers, which they use to file routine ITRs and perform other tax-related works on June 7. As such, the existing web portal will be shut for six days between June 1-6. “In preparation of this launch and for migration activities, the existing portal of the department at www.incometaxindiaefiling.gov.in would not be available for a brief period of six days from June 1 to 6,” the order stated.