Government extends timelines for income tax compliance

Government extends timelines for income tax compliance

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NEW DELHI: The government on Thursday announced an extension in deadline for several income tax related compliances, including filing of returns by individuals.
Individuals can now file returns up to September 30, instead of the prescribed July
31. Even last year, filing had been delayed due to the national lockdown.
The Central Board of Direct Taxes (CBDT) said that it has also extended the income tax return filing deadline for companies by a month to November 30. In a circular, the CBDT said an extension of time limits is being given for certain tax compliances “to provide relief to taxpayers in view of the severe pandemic”.
Further, the deadline for issuing Form 16 by employers to employees has been extended by a month till July 15, 2021, the CBDT circular said.
There are several other relaxations that have been done in the latest round, which comes weeks after a similar exercise was undertaken when the second wave was raging.
“The tax withholding on salary for FY2020-21 had added complexities in terms of determining taxable employer contributions to PF, NPS and superannuation, identifying and reporting interest accretions on the same, enabling employees to avail the deemed Leave Travel Concessions, etc. The extension of timeline is therefore a welcome reprieve,” said Saraswathi Kasturirangan, a partner at Deloitte India.

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