Individuals can now file their tax returns for income earned during the financial year 2020-21 by 30 September as the government has extended the I-T return filing deadline. The Central Board of Direct Taxes (CBDT) has also extended the ITR filing deadline for companies by a month till November 30.
Will CBDT extends tax audit due date?
There will be no further extension for filing of audit reports related with Assessment Year 2020-21 (Financial Year 2019-20). The last date for filing various audit reports under the Income Tax Act, including tax audit report and report in respect of international/specified domestic transaction, is January 15.
Is e filing date extended?
The government today extended the due date of filing income tax returns for 2020-21 for individuals by two months till 30 September. The Central Board of Direct Taxes (CBDT) has also extended the ITR filing deadline for companies by a month till November 30.
What happens if u miss tax deadline?
There is no penalty for filing a late return after the tax deadline if a refund is due. If you didn’t file and owe tax, file a return as soon as you can and pay as much as possible to reduce penalties and interest.
Can you file an extension of time to pay your taxes?
Also, a key disclaimer – an extension of time to file is not an extension of time to pay. Any taxes due are still due on the normal filing deadline date. In order to file a tax extension, you will need to fill out IRS form 4868.
Who is eligible for an extension on taxes?
The tax extension deadline generally applies to all calendar year tax-paying entities, including individuals, self-employed persons, and trusts and estates. The Treasury and IRS announced the deferment of filing your federal tax return as well as specific federal tax payments.
Is there an extension for filing taxes for 2020?
2021 Federal Tax Deadline Extensions The federal tax filing deadline for 2020 taxes has been automatically extended to May 17, 2021. Due to severe winter storms, the IRS has also extended the tax deadline for residents of Texas, Oklahoma and Louisiana to June 15, 2021. This extension also applies to 2020 tax payments.
When to apply for an extension of time?
Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return Special rules may apply if you are: Serving in a combat zone or a qualified hazardous duty area
