Income tax filing due dates further extended. Filing ITR are allowed till Dec 31, 2021. CBIC Notification.

The income tax department announced an extension for ITR filing to December 31st. This is the second time that the filing due date has been extended.

The Income Tax filing procedure came under serious pressure due to the glitches on the website which led the finance minister to summon Infosys management. Now the government also responded with extending the deadlines for various particulars  

The statement released by the union ministry said: “The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was 31st July 2021 under sub-section (1) of section 139 of the Act, as extended to 30th September 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 31st December 2021.”

On consideration of difficulties reported by the taxpayers in the filing of Income Tax Returns(ITRs) & Audit reports for AY 2021-22 under the ITAct, 1961, CBDT further extends the due dates for filing of ITRs & Audit reports for AY 21-22. Circular No.17/2021 dated 09.09.2021 issued.

Now with extended dates, the government is hoping to make the filing portal efficient. Taxpayers are advised to file their required filing as early that last-minute filings are usually difficult with filing portal crashes and technical difficulties. 

September 7, 2021

Deadline extended for income Tax Filing 2021

ITR Filing: The Central Government has extended the deadline for filing Income Tax Return (ITR) for the financial year 2020-21.  All Individuals can file their income tax return by 30 September 2021. The deadline for submission of 15G and 15H forms has also been extended. The deadline for uploading the declarations for the first quarter is 30 November 2021. December 31 for the second quarter.

What is Form 15G and 15H

15G: Applicable to resident individuals or HUF with an annual taxable income below Rs. 2.5 lakhs under the age of 60. This declaration helps to claim certain income without deduction of tax (TDS). 

This form can only be requested if the tax on your total income, accounting for other deductions, is zero. Additionally, the interest you earn over this period on your deposit account should not exceed the tax-exempt limit of Rs. 2.5 lakhs.

15H: Applicable for those aged between 60-80 years of age with a taxable income less than Rs. 3 lakh per annum. In the case of those aged 80 and above, their taxable annual income should not exceed Rs. 5 lakh.. This declaration helps to claim certain income without deduction of tax

This form can be requested if your interest income exceeds the tax-exempt limit, provided that your overall taxable income does not exceed this limit as well.

What happens if ITR is not filed within the stipulated time frame?

Missing the deadline means you might have to pay a penalty. Essentially returns are required to be filed by all those who have an annual income of at least Rs 2.50 lakh. Late filing of return fines starts from Rs 5,000. If the return is not filed even by December 2021, then Rs 10,00 rupees will be fined.. Hiding income also comes under punishable offense and it can go up to the jail term from three months to two years. There is also a provision of imprisonment up to seven years if the income tax arrears exceed Rs 25 lakh.

You can do the e-filing through the portal (www.incometax.gov.in). These forms can be easily pre-filled by taking data from the e-filing portal. This includes your personal information, salary income, capital gains, and all the information contained in Form 26AS. There is also an option to choose between the old tax regime and the new tax regime before filing the return.

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