News | Tax

CBDT extends IT-return deadline to 30 Sep from 31 July

The government has extended the due date for filing income tax returns for assessment year 2021-22 by two months, to September 30, 2021 from the existing deadline of July 31, 2021, while giving extension to tax audit and 12 compliance deadlines for FY 21 to provide relief to taxpayers due to Covid pandemic, writes The Economic Times. 
The date for furnishing audit report has been extended to October 31, from September 30, for the same assessment year.
For corporate taxpayers and individual taxpayers liable to tax audit, the due to date of filing return for AY 2021-22 has been extended to November 30 from October 31. In the same case, the returns of income for AY 2021-22 can be filed by December 31, 2021. The due date for transfer pricing certificate has been pushed by a month to November 30, from October 31. 
Taxpayers can file income tax returns belatedly by January 31, 2022, instead of earlier deadline of December 31, 2021. 
The statement of deduction of tax for the last quarter of the FY21 can also be submitted by June end, the deadline has been extended by a month. 
Certificate of tax deducted at source or TDS in Form No 16, which companies provide to employees by June 15, can be furnished on or before July 15, 2021.
Among other relaxations, the statement of financial transactions or SFTs for FY21 that have to be furnished before May 31, can now be submitted by June 30. Statement of reportable account for the calendar year 2020 can be submitted by June 30 as well, instead of May 31. 
TDS or tax collected at source (TCS) book adjustment statement for May that has to be submitted by June 15, can be done by June 30. 
The statement of deduction of tax from contributions paid by the trustees of an approved superannuation fund for FY21, required to be sent on or before May 31, can be done by June 30. 
Further, statement of income paid or credited by an investment fund to its unit holder for the previous year 2020-21, can be furnished by June 30. The deadline has been extended by a fortnight. 
Statement of income paid or credited by an investment fund to its unit holder in Form No 64C for the Previous Year 2020-21, required to be furnished on or before 30th June 2021 under Rule 12CB of the Rules, may be furnished on or before 15th July 2021. 
However, for taxpayers, whose entire income tax liability is not discharged by TDS and advance tax and such shortfall is more than Rs 1 lakh, will have to file their returns within respective original due date to avoid charge of interest at the rate of 1% per month for every month after original due date of filing ITR, the Board clarified. 
The Board also clarified that tax paid by an individual resident in India referred to in sub-section (2) of section 207 of the Act – that do not have income from profits and gains of business or profession and are above 60 years in previous year - under section 140A of the Act within the due date will be deemed as advance tax.



To continue

Sign Up or Sign In


We are listening!

Solve the equation and enter in the Captcha field.

Changes in Our Business Model
Greetings from Moneylife Advisory Services
Between financial years 2019-21, SEBI has come up with extensive changes to investor advisor regulations. On Sep 23, 2020, SEBI had issued new additional guidelines. This comes just two months after extensive changes announced in July 2020. Earlier, in December 2019 there was an ad hoc circular
As a result of these changes, IAs, cannot accept fees through credit cards, will have to sign a 26-clause investor agreement, have to maintain physical record written & signed by client, telephone recording, emails, SMS messages and any other legally verifiable record for five years. IAs were already asked to record the suitability and rationale for every piece of advice given, sign them and store them for five years.
While these extensive and frequent changes, designed to strengthen the conduct of IAs are well-meaning, these have sharply increased compliance efforts and cost. We, being online advisors, find many of changes harder to implement, compared to advisors working in the physical space. We will have to have an army of advisors, administrative and tech staff to be compliant. If we do this, we will have to divert money to these areas and the cost of our service will double. We want to remain the least-cost service in the market to benefit more and more people. In the circumstances, we are forced to change our business model from “advisory” to “research”. This will mean the following:
What remains the same:
  • Recommendations on insurance, investment and Lion stocks, will continue as a part of the MAS premium subscription. Our strength has always been research and this will remain available to you through our recommendations.
  • The magazine and all textual content will remain as part of the service
  • The investools will have to be reworked and will offer model portfolios. We will have to suspend the restructuring tool.
What changes:
  • The interactions in Ask / Handholding will offer investment advice but not specific to your situation. It will offer information on investment products and also clarify your doubts about various financial products. It will be a forum for information, not for advice. This will be implemented with immediate effect and our guidelines in Ask, reflect this now.
Over the next few weeks our site and our communication to you will reflect these and other additional changes.
We feel this will not affect you much in terms of what really matters in investing: knowing what to buy and when to buy. This is our edge and it will still be available to you.
Debashis Basu