Extension of FY21 income tax return filing due date for individuals till September 30th

On Thursday, the Indian government extended the deadline for submitting individual income tax returns for 2020-21 to September 30th, postponing the due date by two months.

The Central Board of Direct Taxes (CBDT) too has agreed to extend the due date for filing ITRs for businesses by one month, to November 30th.

Individuals, the accounts of whom are not intended to be audited and who generally file their income tax return through ITR-1 or ITR-4 forms have until July 31st to file their ITR. The due date for taxpayers whose accounts must be audited, such as businesses or companies, is set for October 31st.

Even the due date for employers to issue Form 16 to workers has been postponed by a month, until July 15th, according to the CBDT.

Furthermore, the extension for financial institutions to submit the Statement of Financial Transactions (SFT) report has been decided to be June 30th, 2021 instead of the previous June 30th, 2021.

The deadlines for lodging the tax audit report as well as the transfer pricing certificate have been pushed back one month, to October 31st and November 30th, respectively. The deadline for filing a late or revised return of income has been extended to January 31st, 2022.

The CBDT informed through a circular that it is extending time limits on such tax compliances "to provide relief to taxpayers in view of the severe pandemic."