Extension of Date for Application and Payment for Extension Requests For individual and composite taxpayers that file state returns otherwise due on April 15, 2021, the due date for the filing of the return and payment of tax has been automatically extended to May 17, 2021.Ģ. The due date for the filing of the return and payment of tax based on the due date of the annual return has been automatically extended. Extension of Annual Return Filing and Payment Date for Individuals City income tax taxpayers should contact their respective tax administrators for information regarding that city's potential conformity with IRS Notice 2021-59.īecause the extensions in conformity with IRS Notice 2021-59 are generally applicable to individual and composite 2020 returns and any payment of 2020 taxes due on April 15, 2021, the following provisions have been modified:ġ. This notice does not apply to city income taxes. The extension is limited to the state individual and composite income tax annual return and does not apply to fiduciary returns or corporate income tax returns.
Because the extension is limited to the 2020 taxes, first quarter estimates for tax year 2021 remain due on April 15, 2021. To conform to the automatic extensions granted through IRS Notice 2021-59, the Department will extend individual and composite State income tax returns and payments of 2020 taxes due on Apto May 17, 2021. Michigan conformity with IRS Notice 2021-59. IRS Notice 2021-59 did not extend the first quarter estimated tax payment due on April 15, 2021. On Mathe IRS issued Notice 2021-59 providing extensions to for any individual with a return or payment due on April 15, 2020.
2016 TAX EXTENSION DUE FREE
If you have any query or need assistance for the process feel free to Contact Us.This notice provides taxpayers with information on the extensions of time to file returns and remit tax and the waivers from penalty and interest that the Department will grant in conformity with IRS Notice 2021-59. Seek the advice of your tax advisor and keep your documents ready. So, we should be ready for tax audit due date for this financial year. 5% of an individual’s gross income for the assessment year.Half of the total sales in case of businessman for the assessment year.Assessment officer will levy penalty, whichever of the lower amount. Section 271B states that all individuals eligible under section 44AB are levied a penalty if they fail to get their budget books reviewed on or before the tax audit due date.
On 14 th Sep 2016, further clarifications were made via F.No. This specified due date is as per sub-section (1) of section 139 of Income-tax Act. The inspection process must be in a prescribed manner by CBDT. Section 44AB also states that tax review must be done by an accountant on the specified due date. It has also extended the Tax Audit Report filing as well as ITR filing to 17 th Oct 2016.It is applicable to all tax payers who are required to submit the tax return for Assessment Year 2016-17 by 30 September, as per section 44AB. J&K had an exceptional date of 30 Sep for Non-Tax Audit Cases.Ĭircular F.No.225/195/2016-ITA-II issued on 9 th September 2016 stated the extension date. In an earlier notion, CBDT had extended ITR filing date from 31 st July to 5 th Aug. CBDT has extended tax review due date from 30th September to 17th October 2016.
The Central Board of Direct Taxes (CBDT) is a government authority functioning under the Central Board of Revenue Act, 1963. In our last article on tax audit, we stated that due date for tax audit filing is 30th September of the assessment year 2016-17. Any individual falling under this has to get a review his book of accounts by an authorized chartered accountant (CA).CA has to submit a report by the due date for the filing of income return. Tax audit in India are provisioned under section 44AB of the Income Tax Act 1961. It is a compulsory process as per the Income Tax Act 1961. As most of us know, a tax audit is a review or inspection of individual or organisation’s tax return.
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