Income Tax Return deadline extension: Important things you need to know before ITR filing

Individuals can now file tax returns for income earned in the financial year 2020-21 till September 30 instead of July 31.

New Delhi: The Income Tax Department has extended the deadline for filing IT returns for the financial year 2020-21 due to the second wave of the COVID-19 pandemic, providing a sigh of relief to individual taxpayers. The decision will also reduce the compliance burden from businesses facing turbulency in the ongoing environment. According to the Income Tax Rules, the last date for individual taxpayers who file ITR-1 or ITR 4 for the previous financial year (2020-21) ended March 31 is usually July 31 every year.   However, individuals can now file tax returns for income earned in the financial year 2020-21 till September 30 instead of July 31.  Similarly, for companies and firms whose accounts are required to be audited, the deadline is usually October 31. But the Central Board of Direct Taxes (CBDT) has extended the deadline for filing returns for companies to November 30, 2021.