Govt extends Income Tax Filing Deadlines – Here are the new ITR timelines

Govt extends Income Tax Filing Deadlines – Here are the new ITR timelines
The tax department today extended the timelines for compliance under the Income-tax act in the wake of the hardship being faced by various stakeholders on account of the severe COVID-19 pandemic.

The extension in timelines will help ease the pressure in the minds of taxpayers. Amit Maheswari, Tax Partner, AKM Global, a tax and consulting firm says that these extensions can save the taxpayers from penalties and prosecutions for non-compliance.

What are the usual deadlines for Filing Tax Returns?

An individual, whose accounts are not required to be audited under the income tax law, has to usually file his or her income tax returns for the previous year ending March 31 by July 31.

Similarly, the usual date for furnishing income tax returns by the companies and other entities for the previous financial year is October 31.

The companies and also other entities are mostly required to get their accounts audited by the chartered accountants.

What are the new deadlines?

Individuals can now file their tax returns for income earned during the financial year 2020-21 by September 30. Thus they will have two more months to comply with statutory obligations.

The companies and other entities which are required to get their accounts audited have been given time till November-end to file income tax returns.

Why have dates been extended?

The second wave of COVID-19 pandemic and the restrictions imposed by state governments and local administrations in various parts of the country have severely disrupted normal activity.  ReadMore

Source : techiyogiz