ITR Filing Date Extended: Form 16 Delayed, Other Deadlines Relaxed; Check Details Here

<p><strong>New Delhi:</strong> In view of the pandemic, the income tax (I-T) department has been extending several deadlines pertaining to filing returns for the year 2020-21. These relaxations are aimed at offering ease to individual taxpayers and businesses who are trying to stay afloat in the current business environment. The dates have been extended keeping in view the second wave of the COVID-19 pandemic and the restrictions imposed by state governments in various parts of the country.</p> <p><strong>What are the new deadlines?</strong></p> <p>Taxpayers can now file their tax returns for income 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. <strong>Also Read: <a href="https://ift.tt/3wAzGAa Toll Plaza Guidelines: Know When Your Toll-Tax Will Be Exempted</a></strong></p> <p><strong>What are the usual deadlines for filing income-tax returns?</strong></p> <p>In normal circumstances, individual taxpayers filing ITR-1 or 4 should have submitted their returns for the financial year 2020-21, which ended March 2021, by July 31, 2021.</p> <p><strong>New deadline for filing tax audit report and transfer pricing certificate</strong></p> <p>In line with the above changes, the date for filing the tax audit report and transfer pricing certificate has been extended by a month till October 31 and November 30, respectively.</p> <p><strong>What&rsquo;s the deadline for issuing Form 16?</strong></p> <p>In a circular, the CBDT extended by a month to July 15, 2021 the deadline for employers to issue Form 16 to employees. 'The Central Government, in continuation of its commitment to address the hardship being faced by various stakeholders on account of the severe COVID-19 pandemic, has, on consideration of representations received from various stakeholders, decided to extend timelines for compliances under the Income-tax Act, 1961..,' the CBDT said in a statement.</p> <p><strong>What&rsquo;s the Deadline for furnishing Statement of Financial Transaction (SFT) report?</strong></p> <p>The deadline for financial institutions to furnish the Statement of Financial Transaction (SFT) report has been extended to June 30 from May 31, 2021.</p> <p><strong>What are revised returns and the new deadline for their filing?</strong></p> <p>In case an assessee d not submit a return of income within the deadline, the individual 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.</p>

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