The Central Board of Direct Taxes (CBDT) has prolonged the deadline for submitting revenue tax returns for FY 2021 within the wake of the second wave of corona virus epidemic.
Submitting deadline Tax deducted at source As per the round issued by the Revenue Tax Division, for the fourth quarter of the monetary yr 2020-21 (TDS) has been prolonged until June 30. The primary TDS submitting date was 30 June. Below this, the due date for issuing Kind 16 has additionally been elevated from 15 June to fifteen July.
“Within the occasion of such a COVID-19 epidemic, it’s a main aid for particular person taxpayers and companies. Many points corresponding to non-availability of funds for small companies, household well being points, motion from one place to a different, and so on. have been making it tough for taxpayers to stick to such deadlines, making compliance tough for companies . Due to this fact, it can give them extra time to comply with the deadline and keep away from any penalties, late charges and so on., ”mentioned Abhishek Soni, Co-founder and Chief Govt Officer, Tax2win.
Sujit Bangar, founding father of TaxBuddy.com, mentioned, ‘It is a huge aid for TDS deductors as these returns contain numerous information and information being reported appropriately.
Key factors to recollect whereas submitting TDS return
Within the newest TDS return submitting type, one other column has been added for workers who need to go for the brand new tax regime. Accordingly, whereas submitting the TDS return, the employer (deductor) has to pick out the choice for many who are going to go for the brand new tax regime, Sony commented.
If TDS is deducted in annually, exceeds Rs 50,000 and if the particular person has not filed TDS within the final two years, the federal government will cost extra TDS whereas submitting the return. Explaining this new rule, Abhishek Soni acknowledged, “In Finances 2021, a brand new part 206AB was launched to deduct TDS at increased charges on issues of fastened nature of revenue. The place the return of revenue was not filed for the final two years and TDS deducted in annually is greater than Rs. 50,000 / -. The speed of TDS shall be greater than the restrict given beneath 1) double the speed specified below the related clause / provision or 2) double the relevant price / charges or 3) 5 per cent price.
Now the taxpayers have until 30 September to file the return of revenue for the evaluation yr 2021-22. Audit assessees can file revenue tax returns by 30 November. The due date for submission of tax audit report has been prolonged to 31 October. People can file delayed / revised returns of revenue by 31 January 2022.
“The extension of assorted submitting deadlines is certainly a aid to corporates. A tax withholding of wage for FY 20-21 enabled PF, NPS and taxable employer to contribute to retirement, establish and report curiosity increments on the identical, allow workers to avail of deemed go away journey concession and so on. Issues have been added by way of making, “mentioned Saraswati. Kasturirangan, Accomplice, Deloitte India.