New Delhi | Jagran News Desk: In a big relief for lakhs of salaried class people across the country, the Ministry of Finance on Thursday extended the deadline to file the income tax returns for 2020-21 till September 30. It also extended the ITR filing deadline for companies till November 30. 

Individuals and companies or firms are required to file income tax return using ITR-1 or ITR-4 forms by July 31 and October 31 respectively under the income tax law.

In a statement, the Central Board of Direct Taxes (CBDT) said that the deadline to file the income tax returns has been extended "to provide relief to taxpayers in view of the severe coronavirus pandemic". It also said that the deadline for issuing Form 16 by employers to employees has been extended till July 15.

The CBDT has also extended the deadline for filing the tax audit report, transfer pricing certificate, belated or revised return of income till October 31, November 30 and January 31 respectively.

The CBDT had on April 1 notified forms for filing I-T returns for 2020-21 fiscal, and said that keeping in view the ongoing crisis due to COVID pandemic and to facilitate the taxpayers, no significant change has been made in comparison to the last year's ITR Forms. The new ITR forms ask taxpayers if they are opting for a new tax regime.

For the 2020-21 fiscal, the government had given taxpayers the option to choose a new tax regime under section 115BAC of the I-T Act.

The new I-T slabs would be for individuals not availing or foregoing certain specified deductions or exemptions while computing total income for tax purpose.

Under this, annual income up to Rs 2.5 lakh is exempt from tax. Those individuals earning between Rs 2.5 lakh and Rs 5 lakh will pay 5 per cent tax. Income between Rs 5 and 7.5 lakh will be taxed at 10 per cent, while those between Rs 7.5 and 10 lakh at 15 per cent.

Those earning between Rs 10 and 12.5 lakh will pay tax at the rate of 20 per cent, while those between Rs 12.5 and Rs 15 lakh will pay at the rate of 25 per cent. Income above Rs 15 lakh will be taxed at 30 per cent.

(With PTI inputs)

Posted By: Aalok Sensharma