Guwahati, June 24 (NKTV): Keeping in mind the prevailing pandemic, the Income Tax (IT) Department has extended the deadline to file IT returns. As per the Income Tax Law, individual taxpayers filing ITR-1 or 4 are required to file their return for the previous financial year (2020-21), which ended March 2021, by July 31 of this year. The deadline for companies and firms whose accounts are to be audited is October 31. However, these dates now have been extended for the convenience of taxpayers.
The new deadlines are as follows:
Individuals can now file their IT returns earned during the financial year 2020-21 by September 30.
The Central Board of Direct Taxes (CBDT) has also extended the ITR filing deadline for companies to November 30.
An assessee who does not submit a return of income within the deadline is allowed to file a belated return but with a penalty. For filing a belated or revised return of income, the due date is now January 31, 2022.
In a Circular, the Central Board of Direct Taxes (CBDT) eased the deadline for issuing Form 16 by a month till July 15, 2021.