Finance Minister Nirmala Sitharaman has recently extended the deadline for filing Income Tax (IT) tax returns to February 28, 2021. Not all corona-blocked programs are still in the gutter.
IT officials by their latest updates notifies that the deadline for filing IT returns has been extended once again in the wake of some employees also suffering from corona, as all the programs that were frozen due to corona have not yet gone down the drain.
It is to be noted, while 5.25 crore people across the country are required to file tax returns, 3.75 crore of them have already filed their information. And the vast majority of the rest are medium-sized, corporate companies. In view of the fact that the tax audit has not been completed yet . Therefore, the deadline has been extended once again at the request of the companies.
All taxpayers are required to file an income tax return within the prescribed period each year. Everyone knows this. In fact, the last date to file this IT tax return every year is July 31.
Due to the corona pandemic normalcy in operations is yet to set in. Even many professionals as well as their staff have suffered infection from Covid-19. Therefore, there is need for an extension of dates for furnishing tax audit reports and ITRs, DTPA president N K Goyal said in their recent submission to the government.