In the wake of the second wave of COVID-19 the government has extended the deadline for submitting Income Tax Return for the year 2020-21. However, the Central Board of Direct Taxes (CBDT) did not extend the deadline for two compliances namely Form 15G and 15H in respect of Fixed Deposit (FD) and Payment of Self-assessment tax above Rs.1 Lakh.
The CBDT has extended the deadline 2 months for personal ITR and one month for companies or partnership firms.
As per the new notification of CBDT, there has been no change in its deadline. Form 15G and 15H has to be filled and submitted to the bank, otherwise, the bank deducts the money. Both forms have a direct relation to Fixed Deposit (FD) 15G and 15H forms are directly related to Fixed Deposit (FD) and it helps in saving TDS (Tax Deduction at Source).
Form 15G is filled to avoid TDS deduction on income. There are some conditions of this, on the basis of which this form is filled namely an Indian citizen or joint Hindu family or trust can fill this form, People below 60 years can fill this form, this form is not valid for the company or firm, tax liability on total income should be zero, and earnings from interest in a year should be less than the tax exemption limit.
Those who are more than 60 years of age can fill the 15H form to avoid TDS deduction by obeying certain conditions namely any Indian citizen can fill this form, the person should be at least 60 years old, and tax liability on total earnings should be zero.
The threshold limit of TDS was earlier Rs 10,000, which has been increased to Rs 40,000. This limit is for deposits in post offices and banks. If you want to avoid TDS, then you have to fill the 15G and 15H form.
Those who invest in FD will have to submit 15G and 15H on or before June 30, 2021.
The date for payment of self-assessment tax with liability up to Rs 1 lakh has been extended to November 30. However, in cases with self-assessment tax liability over Rs 1 lakh, no extension has been granted.
If the total self-assessment tax amount you have to pay exceeds Rs 1 lakh, i.e., the tax you are required to pay before filing ITR for FY 2020-21, then you should deposit the tax due before July 31, 2021. If you miss this deadline, you will have to pay penal interest under section 234A of the Income-tax Act, 1961.
If the total self-assessment tax amount you have to pay exceeds Rs 1 lakh, i.e., the tax you are required to pay before filing ITR for FY 2020-21, then you should deposit the tax due before July 31, 2021. If you miss this deadline, you will have to pay penal interest under section 234A of the Income-tax Act, 1961.
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