Daily Tip: Income Tax Return Extension Alert

CE_Income Tax

To help taxpayers overcome disruptions caused by the second wave of COVID-19, the Central Board of Direct Taxes (CBDT), GoI in circular no.9 dated 20 May 2021, announced new relaxations regarding Income Tax Return filing due dates!

The individual ITR due date for Assessment Year 2021-2022 has been extended to 30 September 2021 and, the Income Tax Return deadline for companies has been extended to 30 November 2021!

Also note that despite the extension, the interest usually charged on any outstanding tax liability as mentioned in Section 234A of the IT Act has only been waived for individuals whose self-assessed tax liability under section 140A is not more than Rs 1 Lakh (after adjusting for advance tax and TDS). So, there is no interest relief for those whose tax liability is beyond Rs. 1 Lakh. 

Read more about the extensions here https://bit.ly/2S9FFxz or contact your CA to learn how these relaxations affect you!