Income Tax Return Deadline Extension: Important Things You Need to Know Before Filing ITR

New Delhi: Giving a sigh of relief to individual taxpayers, the Income Tax Department has extended the deadline for filing IT returns for the financial year 2020-21 due to the second wave of the COVID-19 pandemic. The decision will also ease the compliance burden from businesses facing turbulence in the current environment. As per Income Tax rules, the last date for individual taxpayers filing ITR-1 or ITR 4 for the previous financial year (2020-21) ended 31st March is usually 31st July every year.

However, individuals can now file tax returns for income earned in the financial year 2020-21 till September 30 instead of July 31.

Similarly, for companies and firms whose accounts are required to be audited, the deadline is usually October 31. But the Central Board of Direct Taxes (CBDT) has extended the deadline for companies to file returns till November 30, 2021.

Meanwhile, the government has also extended the deadline for filing delayed ITR with penalty.

The decision is helpful for taxpayers who fail to file their income tax return even after the 30 September deadline, but with a penalty. The last date for filing belated ITR or Revised ITR is now 31 January 2022. Read also: Unlock 5.0: Parks, gyms and bars will open in Delhi from tomorrow

According to a CBDT circular, the deadline for submission of Form 16 has been extended till July 15, 2021. The previous last date for submission of Form 16 by employers was June 15. For those, Form 16 is given to the employees by Form 16. their employer. Read also: Twitter’s interim complaints officer for India resigns amid controversy over IT rules

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