![]() One of the major reliefs granted is by waiving the interest under Section 234A of the Income Tax Act, 1961 (‘The IT Act’) which primarily deals with the levy of simple interest per month or any part of a month on any amount of outstanding tax liability (after adjusting advance tax and TDS) in case the return is not furnished within the extended due dates prescribed under u/s 139(1) of the said Act,” clarified Bhuvi Sangal, Partner, Chhabra & Ratra Chartered Accountants. “To immunise taxpayers from disruption caused by COVID-19 pandemic, CBDT vide circular no.9 dated 20th May 2021 has provided relaxations in respect of various compliances. What extension in ITR filing due date means for interest on tax payable? Similarly, for those accounts that need to be audited, the last date to furnish return of income for the previous fiscal is now October 31, 2021, as against September 30, 2021. As part of these relaxations, the last date for furnishing of return of income for the Assessment Year 2021-22 was extended by two months to September 30, 2021, instead of July 31, 2021, for individual taxpayers. New Delhi: The government last month extended the timelines for compliance under the Income-tax act in the wake of the hardship being faced by people on account of COVID-19 pandemic second wave. For accounts that need to be audited, last date to furnish ITR for previous fiscal is October 31, 2021.
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