These Two Deadlines Have Not Changed; Taxpayers Be Mindful

In a bid to offer relief to taxpayers amid the raging second coronavirus wave in the country, the income tax filing deadline has been extended to September 30, 2021 for FY21. But here in note that these two deadlines have not been changed:

These Two Deadlines Have Not Changed; Taxpayers Be Mindful

1. Submit form 15G/15H for investment in FD by June 30:

FD investors who do not have taxable income in order to get rid of their liability from the interest pay out on FDs need to submit 15G or 15 H forms with their bank so as to show that their threshold taxable income limit is lower. Now, these forms have to be submitted by June 30.

Regular citizens need to submit form 15G and for citizens the form is form 15G.
Earlier the threshold for TDS deduction was at Rs. 10000 but now this has been increased to Rs. 40000. Now if you wish to avoid TDS deduction on your FD income which is deducted at source by the bank and your income is below taxable limit, you need to submit the forms before the deadline of June 30, 2021.

2. Payment of Self-assessment tax also becomes due:

The payment of self-assessment tax for the financial year 2020-21 is due on July 31 for all those tax payers whose tax after deducting advance tax or TDS is more than Rs. 1 lakh. Now if such taxpayers do not adhere to the deadline there shall be levied a penalty on them. As per 234A of the Income-tax Act, 1961, the penal interest rate at the rate of 1 percent from August 1, 2021 till the ITR filing date shall then be applicable.

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