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Income tax due dates extended

Considering the Covid situation in the country, CBDT has decided to extend several income tax related due dates.


This is welcome relief for assessees especially considering that the relief has been announced so early.

Due date for ITR filing (FY 2020-21)

  • Non-tax audit cases/ General Due date - 30 September 2021 (extended from 31 July)

  • Tax audit - 31 October 2021 (extended from 30 September)

  • ITR filing for tax audit cases - 30 November 2021 (extended from 31 October)

  • Transfer pricing report - 30 November 2021 (extended from 31 October)

  • ITR filing for transfer pricing cases - 31 December 2021 (extended from 30 November)

  • Belated return - 31 January 2022 (extended from 31 December 2021)


Galactic Note:

While ITR filing due date has been extended, don't forget to pay your self-assessment tax before the original due dates to avoid paying interest under Section 234A - a lot of people found this out the hard way last year.


If your tax payable exceeds INR 1 lakh, interest under Section 234 at 1% per month shall apply for every month of delay post the original due date for ITR filing.


Interest under 234B continues to apply till the due date for ITR filing. You can read on advance tax and interest here.


Due date for TDS returns and TDS certificates

  • TDS return for Q4 FY 2020-21 - 30 June 2021 (extended from 31 May)

  • Form 16 - 15 July (extended from 15 June)

The above points mean more delay for salaried folks.


Other Extensions

  • Statement of financial transactions (SFTs) - 30 June (extended from 31 May)

  • Statement of reportable account - 30 June (extended from 31 May)

  • TDS/ TCS book adjustment (for May 2021) - 30 June (extended from 15 June)

  • Statement of income paid/ credited to unit-holder by Investment fund (Form 64D) - 30 June (extended from 15 June)

  • Statement of income paid/ credited to unit-holder by Investment fund (Form 64C) - 15 July (extended from 30 June)

We've also seen a letter stating that the Income-tax portal will be down from 1st to 6th June and will go live on 7th June. Let's see what the new portal has in store for us.


What does this mean for you? Don't procrastinate! Reach out to your tax advisor and start working on your taxes for FY 2020-21. Beat the last minute rush. Save yourself some interest - it's a win-win!


Book your Income Tax Consultation for FY 2020-21

Don't wait for the year to end. Don't wait for ITR filing season. Now is the time you can actually plan your taxes. If you come to us later, it's about damage limitation


STEP 1 Download our Sources of Income File

Sources of Income_FY 2020-21
.xlsx
Download XLSX • 26KB

STEP 2 Fill up file with your sources of income ​ STEP 3 Send us the file at support@thegalacticadvisors.comSTEP 4 Sit back and relax as our team shares with you a personalized quote for your Income Tax Consultation within 24 hours!

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