New Income Tax Return, TDS payment and belated ITR due dates amid Covid-19 second wave – All details here

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Prolonged Revenue Tax Timelines on account of Covid-19 second wave: The Revenue Tax division lately prolonged sure timelines to ease the burden off taxpayers amid Covid-19 second wave. “In view of the extreme Covid-19 pandemic raging unabated throughout the nation affecting the lives of our individuals, and in view of requests obtained from taxpayers, tax consultants & different stakeholders that varied time barring dates, which had been earlier prolonged to thirtieth April, 2021 by varied notifications, in addition to underneath the Direct Tax Vivad se Vishwas Act, 2020, perhaps additional prolonged, the Authorities has prolonged sure timelines…,” the Central Board of Direct Taxes had mentioned in a press release. The Tax Division has additionally prolonged the timeline for Revenue Tax Returns (ITR) submitting for FY 2019-2020. Now, final 12 months ITR may be filed by Might thirty first.

Right here’s a full checklist of latest timelines taxpayers ought to know

Submitting of Belated Revenue Tax Return

Belated returns can now be filed until Might 31.

“Submitting of belated return underneath sub-section (4) and revised return underneath sub-section (5) of Part 139 of the Revenue-tax Act,1961 for Evaluation 12 months 2020-21, which was required to be filed on or earlier than 31 ” March 2021, could also be filed on or earlier than 31″ Might 2021,” the CBDT mentioned.

TDS cost underneath Sections 194-IA, 194-IB and 194M

TDS cost underneath Part 194-IA, Part 194-IB and Part 194M of the Revenue-tax Act, 1961 and submitting of challan-cum-statement for such tax deducted, that are required to be paid and furnished by thirtieth April 2021, can now be accomplished and furnished on or earlier than thirty first Might 2021.

Revenue Tax Return in response to note underneath Part 148

The ITR in response to note underneath Part 148 of the Revenue-tax Act, 1961, for which the final date of submitting 1st April 2021 or thereafter, could now be filed throughout the time allowed underneath that discover or by thirty first Might 2021, whichever is later, the CBDT mentioned.

Assertion in Kind 61

The CBDT mentioned that the assertion in Kind No. 61, containing particulars of declarations obtained in Kind No.60, which is because of be furnished on or earlier than thirtieth April 2021 , could also be furnished on or earlier than thirty first Might 2021.

Tax appeals & Dispute Decision

Submitting of Attraction to Commissioner (Appeals) underneath Chapter XX of the Revenue-tax Act, 1961 could also be accomplished throughout the time supplied underneath that Part or by thirty first Might 2021 , whichever is later, the CBDT mentioned. Additionally, objections to the Dispute Decision Panel (DRP) underneath Part 144C of the Revenue-tax Act, 1961 could
be filed throughout the time supplied underneath that Part or by thirty first Might 2021 , whichever is later.

Vivad se Vishwas scheme

It has been determined that point for cost of quantity payable underneath the Direct Tax Vivad se Vishwas Act, 2020, with out a further quantity, shall be additional prolonged to thirtieth June, 2021.

Tax orders discover timelines

The Central Authorities has prolonged cut-off dates to thirtieth June, 2021 within the following circumstances the place the time restrict was earlier prolonged to thirtieth, April 2021:

• Time restrict for passing of any order for evaluation or reassessment underneath the Revenue-tax Act, 1961(hereinafter referred to as ‘the Act’ ) the time restrict for which is supplied underneath part 153 or part 153B
• Time restrict for passing an order consequent to course of DRP underneath subsection (13) of part 144C of the Act;
• Time restrict for issuance of discover underneath part 148 of the Act for reopening the evaluation the place earnings has escaped evaluation
• Time Restrict for sending intimation of processing of Equalisation Levy underneath sub-section (1) of part 168 of the Finance Act 2016.