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For First Time In 3 Years, Centre Refuses To Extend Tax Return Deadline: 5 Points

The Centre is not contemplating extending the ITR submitting deadline this yr.

New Delhi:
The deadline to file an Income Tax return (ITR) is July 31, and the federal government is not eager to increase the timeline any additional. Taxpayers ought to file their ITRs earlier than the due date to keep away from paying penalties or different authorized penalties. Over the final two monetary years, the federal government prolonged the deadline for submitting ITR to ease compliance for taxpayers battling the Covid-19 pandemic. However, the scenario is completely different this yr because the Centre is not contemplating extending the deadline, a step to be seen for the primary time in three years. “So far, there is no thinking of extending the last date of filing,” Revenue Secretary Tarun Bajaj mentioned final week.

Here’s Your 5-Point Cheat-Sheet To This Big Story:

  1. As per Income Tax (I-T) guidelines, the deadline for submitting ITR of a fiscal by particular person taxpayers — who don’t have to get their accounts audited — is July 31 of the following monetary yr.

  2. The Revenue Secretary mentioned the taxpayers’ suggestions is that the return type has develop into very simple to file and that refunds are additionally fast. The tax division has launched a brand new I-T submitting portal, which it says “is now very robust to take the increased loads.”

  3. “Last time, we had over 50 lakh (filing returns on the last date). This time, I have told my people to be ready for 1 crore (returns filed on the last day),” Mr Bajaj added.

  4. In the final fiscal yr 2020-21 (FY21), round 5.89 crore ITRs have been filed by the prolonged due date of December 31, 2021. Through ITR, an individual is meant to undergo the Income Tax Department of India. It accommodates details about the particular person’s revenue and the taxes to be paid on it throughout a selected monetary yr.

  5. If a person’s revenue exceeds the exempted restrict, s/he should file tax returns. Under the brand new tax regime, the exemption restrict is ready at Rs 2.5 lakh. Under the outdated regime, the exemption restrict is Rs 2.5 lakh for these underneath the age of 60; Rs 3 lakh for these between the ages of 60 and 80 (senior residents); and Rs 5 lakh for these above the age of 80 (tremendous senior residents).

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