Sunday, January 29, 2023

ITR: Great news for Income taxpayers, Deadline to filing ITR extended

Good news for taxpayers. Making a big announcement on Thursday, the Income Tax Department has increased the period of filling the Personal Income Tax Return of Assessment Year 2021-22. Earlier its deadline was 31 July 2021, which has now been increased to 31 September 2021.

Form-16 will have to be given by 15 July

While issuing the circular, the department said that the government has taken this decision in view of the ever-increasing cases of corona infection. With this, it has been said in the circular that now employers will have to provide Form 16 to their employees by 15 July instead of 15 June. Let me tell you that Form 16 helps in filing income tax returns. Also, it is used as proof of income. This is a type of certificate issued by companies. In this, TDS (tax deducted at source) deducted from the salary of the employee is certified by the company.

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Tax audit deadline also extended to 30 November

Apart from this, the last date of Income for Tax Audit Assessments has also been increased from 31 October 2021 to 30 November 2021. At the same time, the last date for finalizing the tax audit report has been increased from 30 September to 31 October. Whereas the deadline for filing of Belated / Revised Income Tax Return (ITR) has been increased from 31 December 2021 to 31 January 2022. Explain that the belated ITR is filed under section 139 (4) of the Income Tax Act, 1961. At the same time, the revised ITR is filed under section 139 (5).

In addition, the time limit for submission of the Financial Transaction Statement (SFT) report for financial institutions has been extended from May 31, 2021, to June 30. Nangia & Company LLP partner Shailesh Kumar said that by extending the deadline in the case of income tax returns, taxpayers will get some relief in compliance with tax rules. However, for taxpayers whose entire income tax liability is not paid through TDS (tax deducted at source) and advance tax and there is a difference of more than Rs 1 lakh in tax liability, they are charged interest charges under Section 234A of the Income Tax Act. To avoid this, an attempt should be made to file your ITR within the original due date. A fee of 1 percent is levied every month till the filing of ITR after the original due date.

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