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May 29, 2021

All you need to know about extended deadlines for Income tax compliance

by Mahesh Mara in Income Tax

All you need to know about extended deadlines for Income tax compliance

With the view of the prevailing situation in the country, the Central Board of Direct Taxes (CBDT) has issued a circular to provide certain relaxations to taxpayers in exercise of its powers under Section 119 of the Income-tax Act 1961. The Income Tax department has extended some compliance deadlines to help ease taxpayer burden during the second wave of Covid-19. Below are some of the compliance deadlines that have been extended by the department under the Income Tax Act:

1. Filing of Belated return under section 139(4) or Revised return under section 139(5):

The Income Tax Department has extended the last date of filing of belated income tax return under section 139(4) and revised return under section 139(5) of the Income Tax Act, 1961, for the assessment year 2020-21 to May 31, 2021. The previous deadline for the filing was March 31, 2021.

2. Deadline to file appeal to Commissioner of Income Tax:

The Income Tax Department has extended the deadline for filing appeals (appeal to Commissioner) under Chapter XX of the I-T Act, 1961 to May 31, 2021. The earlier deadline for the same was April 1, 2021.

3. Objections to Dispute Resolution Panel

Objections to Dispute Resolution Panel (DR, under Section 144C of the Income-tax Act.1961, for which the last date of filing under that Section is, April 2021 or thereafter, may be filed within the time provided under that Section or by 31. May 2021, whichever is later. Any objections to the Dispute Resolution Panel (DRP) under Section 144 C of the Income Tax Act can now be filed by May 21, 2021 as against April 1, 2021.

4. Deadline to file Income tax return with respect to reassessment under section 148

Income-tax return in response to notice under Section 148 of the Income-tax Act.1961, for which the last date of filing of return of income under the said notice is, April 2021 or thereafter, may be filed within the time allowed under that notice or by 31. May 2021, whichever is later.  The ITR in response to notice under Section 148 of the I-T Act, 1961 can now be filed within May 31, 2021. The previous deadline for filing was April 1, 2021.

5. Last date of payment of TDS under section 194IA, 194IB and 194IM

The payment of tax deducted under Section 194-IA, Section 194-IB and Section 194M of the Income Tax Act, 1961, and the filing of the challan-cum-statement for such tax deducted, can now be paid on or before May 31, 2021. Earlier the due date for the same was 30th April 2021 under Rule 30 of the Income-tax Rules, 1962.

6. Due date for Submission of Statement of Financial Transaction in form 61

Reporting Entity or Reporting Person is an entity which is required to furnish a Statement of Financial Transaction in Form 61. It may be noted that the statement in form number 61, containing the particulars of declarations received in form number 60 can now be furnished on or before May 31, 2021. The earlier deadline was April 30, 2021.

The above changes in Income Tax can be summarised as below:

ComplianceNew Due dateOld Due date
Filing of Belated return under section 139(4)31st March 202131st May 2021
Filing of Revised return under section 139(5)31st March 202131st May 2021
Filing of appeal to Commissioner of Income Tax1st April 202131st May 2021
Objections to Dispute Resolution Panel1st April 202131st May 2021
Filing of Income tax return under section 1481st April 202131st May 2021
payment of TDS under section 194IA30th April 202131st May 2021
payment of TDS under section 194IB30th April 202131st May 2021
payment of TDS under section 194IM30th April 202131st May 2021
Submission of Statement of Financial Transaction in form 6130th April 202131st May 2021

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