The Budget proposals seek to provide clarity in many aspects, such as taxation of digital assets, rationalisation of surcharge on long-term capital gains which were long awaited.
While the ongoing pandemic has put a pressure on the government, these measures may be considered on the personal tax front to provide some relief to the individual taxpayers.
Salaried taxpayers can now file returns for AY22 by Sept 30
May 20, 2021
Corporates will get one more month to file returns
Salaried income taxpayers will get two more months to file income-tax returns for AY22 (FY21). The Finance Ministry on Thursday eased dates for 14 types of compliances.
“The due date for furnishing of return of income for AY22, which is July 31 under sub-section (1) of section 139 of the Act, is extended to September 30,” a circular by the Central Board of Direct Taxes (CBDT) said.
Corporate and individual taxpayers, who are liable for tax audit, will get one more month to file returns. The circular provided the due date for furnishing of return of income for AY22 for such assessees as November 30 from the scheduled date of October 30. Similarly, the due date for furnishing of audit reports has been extended by a month to October 31. Even the last date for filing belated/revised return for all categories of taxpayers has been extended by a month from