The deadline to issue Form 16 has been extended to July 31, 2021 from the previous deadline of July 15, 2021, as per a press release issued today by the Ministry of Finance. This implies that employees will get their Form 16 even later and will therefore be able to finalise their tax calculations only after that.
This would leave exactly two months with the individual taxpayers to file their income tax returns (ITR) as most individuals are able to finalize their taxes and ITRs only after they receive their Form 16. The current deadline for filing ITR for FY2020-21 is September 30, 2021.
The due date of filing of Form 16 has been extended from 15 July to 31 July. This eases the pressure off the employers’ in completing their year end compliances relating to finalisation and issue of Form 16.”
Tax payers who had to invest in construction or purchase of house property during the first half of the current financial year to avail capital gain exemption for earlier years can now complete such obligation on or before 30 September.”