Income Tax Returns: Don't miss THIS important deadline in June; know how your TDS filings will change this year
New Delhi | Jagran Business Desk: Income Tax Returns’ filing deadlines have been further extended for the financial year 2021. The last date of filing the TDS (Tax Deducted at Source) for the fourth quarter of the 2020-2021 financial year has been extended to June 30. Previously, the deadline to file the TDS was May 31.
The Central Board of Direct Taxes in its notification directed the extension of time limits of certain compliances to provide relief to the taxpayers in ‘view of the severe pandemic’. This included the extension of the TDS filing’s deadline. Accordingly, the due date of the issuance of Form 16 too has been extended to July 15 from June 15.
Changes in the TDS return filings:
This time, the TDS return filing form has one more column for those employers who want to opt for the new tax regime. The employer, thus, needs to select the option of whether and which employees are going to opt for the new tax regime at the time of the filing of returns.
Not filed TDS in last two years? Govt will charge you more:
If your TDS each year goes beyond Rs 50,000 and you have not filed the TDS for the last two years, the government will charge more than usual while filing the returns. This could be twice the rate specified under the relevant section or at the rate of five per cent depending on the selected provision.
Meanwhile, the income tax department will launch its new e-filing portal on June 7, preceding which the existing portal will not be available for a week between June 1 and June 6. Earlier, the government had extended the Income Tax Returns’ timeline by two months to September 30 in the view of the pandemic.
Posted By: Talibuddin Khan