Income Tax Return or ITR for FY20 Can Be Filed Till May 31. Know Details

Income Tax Return or ITR for FY20 Can Be Filed Till May 31. Know Details [ad_1]

In the wake of extreme Covid-19 pandemic, the Central Board of Direct Taxes (CBDT) has determined to increase timelines of varied tax compliance dates on Saturday. “In view of the adversarial circumstances arising because of the extreme Covid-19 pandemic and likewise in view of the a number of requests acquired from taxpayers, tax consultants & different stakeholders from throughout the nation, requesting that varied compliance dates could also be relaxed, the Government has prolonged sure timelines right now,” the ministry of finance said in a statement.

The move is aimed at mitigating “the difficulties being faced by various stakeholders,” it additional added. The “relaxations are the newest among the many latest initiatives taken by the federal government to ease compliances to be made by the taxpayers with the purpose to grant respite throughout these tough instances,” it mentioned in a notification.

“It’s a welcome move to extend the timeline of various tax compliances as the country is struggling with severe second wave of coronavirus,” mentioned Sumit Mangal, Partner, L&L Partners.

Under part 119 of the Income-tax Act, 1961, CBDT has offered the next relaxations: 

1) The submitting of belated return below sub-section (4) and revised return below sub-section (5) of Section 139 of the Income Tax Act, for Assessment Year 2020-21, which was required to be filed on or earlier than March 31, 2021, could also be filed on or earlier than May 31, 2021, CBDT mentioned in a press release.

2) Individuals can file Appeal to Commissioner (Appeals) below Chapter XX of the Income Tax Act inside “the time offered below that Section or by May 31, 2021, whichever is later,” CBDT said. The last date of filing under that Section was set at April 1, 2021.

3) “Objections to Dispute Resolution Panel (DRP) under Section 144C of the Act, for which the last date of filing under that Section is April 1, 2021 or thereafter, may be filed within the time provided under that Section or by May 31, 2021, whichever is later,” the ministry added.

4) Income-tax return in response to note below Section 148 of the Act could also be filed inside the time allowed below that discover or by May 31, 2021, it mentioned.

5) “Payment of tax deducted below Section 194-IA, Section 194-IB and Section 194M of the Act, and submitting of challan-cum-statement for such tax deducted, that are required to be paid and furnished by April 30, 2021(respectively) below Rule 30 of the Income-tax Rules, 1962, could also be paid and furnished on or earlier than May 31, 2021,” the notification stated.

6) “Statement in Form No. 61, containing particulars of declarations received in Form No.60, which is due to be furnished on or before April 30, 2021, may be furnished on or before May 31, 2021,” it additionally mentioned.

“While time restrict to file attraction to Commissioner (Appeals) has been prolonged to May 31, the time to pay tax demand pursuant to ultimate evaluation order has not been particularly prolonged,” Sumit Mangal added.

The finance ministry earlier relaxed the timeline for payments under the Direct Tax Vivad se Vishwas Act, 2020 (without an additional amount) till June 30, 2021. Launched in 2020, the Direct Tax ‘Vivad se Vishwas’ Act aims to reduce pending income tax litigation, generate timely revenue for the government.

“The extension of deadlines under the Income Tax Act appears to be in line with the Supreme Court Order dated 27.04.2021. Similar extension of timelines for compliance under the GST law is also the need of the hour as the businesses are striving every month to make tax payments and file returns,” mentioned Prateek Bansal, Associate Partner, White & Brief Advocates & Solicitors.

Read all of the Latest News and Breaking News right here


Source link

#Income #Tax #Return #ITR #FY20 #Filed #Details

Related Articles

Stay Connected

- Advertisement -

Latest Articles

%d bloggers like this: