Income Tax Return: TDS Deadline Extended to June 30, Do not Miss This Important Date
Good news for taxpayers. If you are worried about not being able to file the Tax Deducted at Source (TDS) for the financial year 2020-21 before the last date then you can rest assured, as the Central Board of Direct Taxes (CBDT) has extended the deadlines to file income tax returns for this financial year to June 30.
Prior to this, the last date of filing Tax Deducted at Source for the fourth quarter of financial year 2020-21 was May 31. Now it has been extended to June 30. The due date of issuance of Form 16 has also been extended to July 15 from June 15.
Founder of Taxbuddy, Sujit Bangar said that the extension of the deadline has brought a major relief for the TDS payers since these returns involve lot of records and data to be reported correctly.
What to Keep Note While Filling TDS
Recently a new column has been added to the TDS return filing forms for employees who are applying for the new tax regime. If an employer (Deductor) is filling the TDS return for their employees, then he has to select the option for them, said Abhishek Soni, co-founder and chief executive officer, Tax2win.
If the TDS is not filed for the previous two years and TDS deducted in each year exceeds Rs 50,000 then the rate of TDS will be comparatively higher than before.
For taxpayers who are filling the ITR in cash and if the amount exceeds more than Rs 1 lakh, then penal Interest under Section 234A shall apply from the original due date of filing the ITR.
The taxpayers will charged 1% interest from August 1, irrespective of extension in the due date of filing income tax returns till September 30 under Section 234.
CBDT earlier extended the deadline for filing income tax returns (ITR) for FY 2020-21 (AY 2021-22) to September 30. “The Central Board of Direct Taxes, in exercise of its power under section 119 of the Income-tax Act, 1961, provides relaxation…,” the official statement mentioned.