New York State Tax Deadline 2021 (April) Date Extended! >> Is the due date for filing the income tax return in New York extending? Check here to know the details.
If you are the responsible citizen, you must be aware of the shift in the due date of filing the income tax return in New York? Do you know what reliefs will accompany this drastic change?
New York, which is located in the United States, has a sudden change in their filing of the Income Tax Return for 2021. Yes, we are talking about the extension of the New York State Tax Deadline 2021.
In today’s article, we will tell you how the tax deadline has been extended and its implication on an individual’s life.
What is the New Date of Filing Income Tax Returns?
The Department has granted an extension of 30 days period in filing their Income Tax Returns for the Financial Year 2020. The law has extended the period to coordinate with the federal tax payments due dates.
The new date for filing the individual income tax return is 17th May 2021, instead of 15th April 2021. People are requested to file their returns as early as possible without waiting for the due date.
Why has the Government extended New York State Tax Deadline 2021?
Covid-19 has hit the worse to all the people worldwide, which surely calls for immense support from their country’s government emotionally and financially.
The government has extended the period only to help the people who are adversely affected in financial terms and cannot cope with their day-to-day expenses.
The budget director has stated that this extension will make it easy for the people to arrange their funds and provide them sufficient relief.
What are all covered under the Extension?
Following are the few reliefs that are available to the individuals due to the new New York State Tax Deadline 2021:
- Taxpayers are not required to submit any additional forms for the extension or avail themselves of the reliefs.
- No penalties, underpayment interest or late payments charges will be charged till 17th May 2021. These will begin to accrue from 18th May 2021.
- If the taxpayers want an additional extension, they can file the request and get the extra extension till 15th October 2021.
- If you want to reschedule your direct debit payments, you can cancel the current and schedule a new payment.
What are all Not covered under this Extension?
Following few cases are not covered under the extension of New York State Tax Deadline 2021:
- Submission of another kind of state taxes will remain unaffected with this extension period.
- This relief is not available for the estimated tax payments for the financial year 2021 to be filed on 15th April 2021; instead, these payments are due on the same date.
- Income Tax Amount withheld by the employer to be remitted on time.
New York Law has made a sudden change to their Income Tax Return filing due date, which is now scheduled on 17th May 2021, instead of the 15th April 2021. The shift in the New York State Tax Deadline 2021 will call for the sudden shift of $6 billion revenue from April to May, due to which the state has to make required changes to their cash flow.
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