THERE IS NO ASSISTANCE FOR TAXPAYERS WHO NEED TO FILE AN ITR EXTENSION AS THEY OWE INTEREST LIABILITY

The Central Board of Direct Taxes (CBDT) has extended the deadlines for filing various tax reports until December 31, but it will still charge interest on payments submitted after July 31, the original due date. Officials claim that tax payments must be made using net banking and that the assessee is not required to use the e-filing platform, which has been troubled by problems. As a result, those who submitted a return after July 31 must make a monthly interest payment of 1% on the unpaid tax. Following industry stakeholders’ requests for an amendment to the Act to give relief on interest liability for the assessment year 2021-22.

While extending ITR and other deadlines, the CBDT stated that “extension of dates shall not apply to Section 234 A of the I-T Act (which deals with interest payment where there is a delay in filing ITR).” The interest relief was given to small taxpayers with a self-assessment tax burden of less than Rs 1 lakh and some older citizens, according to the circular.

The latest deadline extension comes amid ongoing technical issues with Infosys’ new tax filing platform, which has drawn considerable criticism from both the government and taxpayers. Infosys has been given until September 15 to fix the portal.

TO READ THE OFFICIAL NOTIFICATION CLICK HERE

For any query/registration/advisory related to GST, Company, Taxation laws, and Updates, Kindly visit www.onfiling.com

Contact: +91 8448440803

E-mail: info@onfiling.com

Please follow and like us:

Leave a Comment