The deadline for filing TDS: In view of the current situation caused by the second wave of Coronavirus, the Income Tax Department has extended the last date of filing of tax deduction at source (TDS Filing Deadline) from 31 May 2021 to 30 June 2021. Earlier, the Central Board of Direct Taxes (CBDT) extended the last date for filing Income Tax Return (ITR) to 30 September 2021. According to the circular of the department, along with extending the last date for filing TDS till 30 June, CBDT has also extended the period of issue of Form-16 from 15 June to 15 July 2021.
Businessmen and taxpayers will get big relief
The CBDT’s decision to extend the TDS filing period will provide a big relief to businessmen and taxpayers. Actually, due to Kovid-19, it was difficult for companies to follow the earlier deadlines. Tax-2-Win (Tax2win) CEO Abhishek Soni told Money Control that this decision by the Income Tax Department would give business houses extra time to meet tax deadlines.
Now they will be able to avoid the penalty due to delay. At the same time, Sujit Bangar, founder of Taxbuddy.com, said that a lot of records and data have to be introduced in TDS. In such a situation, there will be relief from the increase in duration.
Central government has increased all these deadlines too
The central government had earlier extended the deadline for filing personal income tax returns for the assessment year 2020-2021 by two months to 30 September 2021, giving relief to taxpayers. Earlier this deadline was 31 July 2021.
Now common taxpayers will be able to file their returns till 30 September 2021. Also, the last date for Income Tax Audit Assessments has been increased from 31 October 2021 to 30 November 2021. As per the Income Tax Act, 31 July 2021 is the last date for filing ITR for individuals whose accounts do not need to be audited and who usually file returns using ITR-1 or ITR-4.