Tuesday, September 21, 2021

Income tax department extends deadline for electronic filing of various forms

The revenue tax division has given reduction to taxpayers by extending the due dates for digital submitting of varied kinds. In a tweet, the revenue tax division stated that this has been finished since many taxpayers reported difficulties in submitting of those kinds.

“On consideration of difficulties reported by taxpayers & different stakeholders in digital submitting of sure Varieties beneath the IT Act,1961, CBDT has additional prolonged the due dates for digital submitting of such Varieties vide Round No.15/2021 dated 03.08.2021,” the revenue tax division stated on Tuesday night.

In line with the discharge of the finance ministry hooked up by the division in its tweet, “The quarterly assertion in Kind No. 15CC to be furnished by authorised supplier in respect of remittances made for the quarter ending on June 30, required to be furnished on or earlier than July 15 beneath Rule 37BB of the Guidelines, as prolonged to July 31 vide Round No.12 of 2021 on June 25 could also be filed on or earlier than August 31 2021.”

The deadline for equalization levy assertion in Kind number one for monetary yr 2020-21 has additionally been prolonged until August 31, the discharge stated.

“The Assertion of Earnings paid or credited by an funding fund to its unit holder in Kind No. 64D for the Earlier 12 months 2020-21, required to be furnished on or earlier than fifteenth June 2021 beneath Rule 12CB of the Guidelines, as prolonged to fifteenth July 2021 vide Round No.12 of 2021 dated 25.06.2021, perhaps furnished on or earlier than fifteenth September 2021,” it added.

“The Assertion of Earnings paid or credited by an funding fund to its unit holder in Kind No. 64C for the Earlier 12 months 2020-21, required to be furnished on or earlier than thirtieth June 2021 beneath Rule 12CB of the Guidelines, as prolonged to thirty first July 2021 vide Round No.12 of 2021 dated 25.06.2021, perhaps furnished on or earlier than thirtieth September 2021,” in accordance with the discharge.

Contemplating the non-availability of the utility for e-filing of sure kinds, the CBDT has determined to increase the due dates for his or her digital submitting.

Nangia & Co LLP Companion Shailesh Kumar stated that contemplating the technical glitches within the new Earnings tax portal, taxpayers had been dealing with lots of issues in assembly such timelines and plenty of taxpayers couldn’t even make compliance inside the due date.

“The extension will present much-needed reduction to taxpayers for making the compliances and also will save them from the penal penalties of not with the ability to adjust to the sooner timelines, on account of technical glitches within the IT portal,” Kumar added.

Intimation to be made by the pension fund and sovereign wealth fund in respect of funding made in India for the June quarter, which is required to be furnished by July 31, can now be furnished by September 30, the federal government launch stated.

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