New Delhi: The Central Board of Direct Taxes (CBDT) has extended the deadline for filing income tax returns for the financial year 2021. The last date for filing TDS for the fourth quarter of the financial year 2020-21 has been extended till June 30. Earlier, the date for filing TDS was May 31. In this way, the date of issue of Form 16 has also been extended from June 15 to July 15. Some important things to keep in mind while filing TDS return.
Added column for employees opting for new tax regime
Another column has been added in the latest TDS return filing form for employees who want to opt for the new tax regime. According to Abhishek Soni, Co-Founder and CEO, Tax2Win, while filing TDS returns, employers have to select the option for those who are going to opt for the new tax regime.
TDS deducted more than 50 thousand and more charge for not filing return for two years
If any TDS is deducted more than Rs 50,000 in every year and that person has done the last If TDS has not been filed in two years, then the government will charge more TDS while filing the return. In Budget 2021, a new section 206AB was introduced to deduct TDS at higher rate on cases having definite nature of income, in which return of income for the last two years has not been filed and TDS deducted in every year exceeds Rs.50,000 , in such cases the rate of TDS will be double or five per cent higher.
CBDT had earlier extended the deadline for the financial year 2020-21
If the amount of payable tax in cash at the time of filing ITR exceeds Rs 1 lakh, then under section 234A Penal interest will be applicable from the original due date of filing ITR. For example, if Payable Tax is Rs 5 lakh, Pad Advance Tax is Rs 1 lakh and TDS/TCS is Rs 2 lakh. Hence the payable tax in cash at the time of filing the return for this assessee is 2 lakhs (which is more than Rs 1 lakh).
The due date for filing ITR for this assessee is 31st July. Interest under section 234 will be charged at the rate of 1% with effect from August 1, even if the due date for filing income tax return is extended till September 30. CBDT had earlier extended the deadline for filing income tax returns for the financial year 2020-21 (AY 2021-22) till September 30.