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Know revised due dates of all extension by CBDT

CBDT had further extended the due dates for filing of ITRs & Audit Reports for the AY 2021-22 in view of the difficulties reported by taxpayers in filing of ITRs etc.

Extension of due dates for filing of Income Tax Returns and various reports of audit for the assessment year 2021-22

Compliances related to filing of returns/reports	Section of Income-tax Act,1961/Rule or Form of Income-Tax Rule,1962	Existing Due Date	Extended Due Date
The due date of furnishing of Return of Income for the Assessment Year 2021-22 (Individuals and non-audit cases)	Section 139 (1)	31st July as extended to 30th September 2021	31st December 2021
The due date of furnishing of Return of Income for the Assessment Year 2021-22 (Companies and Audit Cases, excluding TP Cases)	Section 139 (1)	31st October as extended to 30th November 2021	15th February 2022
The due date of furnishing of Return of Income for the Assessment Year 2021-22 (TP Cases)	Section 139 (1)	30th November as extended to 31st December 2021	28th February 2022

Compliances related to filing of returns/reports	Section of Income-tax Act,1961/Rule or Form of Income-Tax Rule,1962	Existing Due Date	Extended Due Date
The due date of furnishing of Report of Audit for the previous year 2020-21	Any section	30th September as extended to 31st October 2021	15th January 2022
The due date of furnishing report from an accountant by persons entering into international transaction or specified domestic transaction for the Previous Year 2020-21	Section 92E	31st October as extended to 30th November 2021	31st January 2022
The due date of furnishing of belated/revised Return of Income for the Assessment Year 2021-22	Section 139(4)/139(5)	31st December 2021 as extended to 31st January 2022	31st March 2022

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September, 13
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Tax Bar requested to extend due date for ITR for FY 2019-20 to 30 June 2021

Additional representation by Tax Bar Association, Nizamabad in respect of the Extension of Due date in filing the Return of Income under Income tax act for the AY 2020-21 (Financial year ending 31st of March 2020) and timelines for TDS/TCS compliances for AY 2021-22.

TAX BAR ASSOCIATION

Nizamabad

President	Secretary	Treasurer
CA.D. Venkataramana	CA. Gopaldas Jhawar	CA. Ambrish Chandarana
98663-32148	98495-92771	93930-31313

The Hon’ble Minister of Finance

Govt of India, New Delhi

The Central Board of Direct Taxes

New Delhi, India

Sir / Madam

Sub: Request for Extension of Due date in filing the Return of Income under Income tax act for the Asst year 2020-21 [Financial year ending 31^st of March 2020] and timelines for TDS/TCS compliances for AY 2021-22– reg.

Ref: our earlier representation Dt: 19-05-2021

This is an additional representation in connection with our request for extension of due date for filing the Returns of income for the Asst year 2020-2021.

Despite our request / representation for extension of due date for filing the Return of income for the Asst year 2020-2021, you have not heeded our request and have made various extensions for the current Asst year, or it may be possible that the representation is still under consideration.

Madam / Sir,

We once again request you to kindly consider our representation for the following reasons: –

1] The assessees and Tax Professionals faced difficulty in uploading the Income tax Returns on 31^st of March 2021 [being the last day] as the Income tax Portal was giving multiple problems and the site crashed. Incidentally it was the last day for filing and not all returns were uploaded. However the due date for linking the PAN_ AADHAAR was extended, much to the dismay of the Return filers.

2] Reasons of Pandemic and its effects were stated for extending the compliance dates as regards the Department is concerned for issue of notices U/s. 148 etc. The same was not applied for the Tax payers and the receivers of such notices who are supposed to respond to the notices U/s. 148 of the act.

It may be noted that many of the notices U/s. 148 of the act were issued before the end of March 2021 and the date for responding to such notices presently is 31^st of May 2021. The Returns are supposed to be filed electronically but the request for seeking the reasons for issue of such notices is not enabled on the portal. The assessee has to obviously file the letter seeking the reasons only physically at the department. Now the moot question that would arise is as to who and how the letter would be filed with the Income tax Department. Even if the same is to be sent through Post, the person would be unable to commute to the Income tax department because of the curfew / lockdown.

3] The recent communiqué states extension for the TDS returns but not the TCS returns. It is not understandable as to why the extension was not comprehensive. Lockdown / Curfew issues were there and still continue to be in many [almost all] states and they are extended till the end of this month.

4] The extension for filing the returns of income for the current asst year was 31^st of July 2021 and the Govt has enough time, however the CBDT has extended well before hand and as such could have been done in the month of July 2021. The immediate burning issue is the deadline for the Returns for the year ending 31-03-2020 relevant to the Asst year 2020-2021 and the Deadline for filing the TCS returns.

The CBDT and the Ministry of Finance is once again requested to extend this deadline as detailed below.

It is once again stated / pleaded that..

Though, numerous representations were made requesting extension even before March 2021 and thereafter, circular was issued Dt: 01-05-2021; by which time one month period involved in extension lapsed. It may please be noted that the assessee has to bear the burden of interest U/s. 234A, B and C for an extra month; i.e. had the extension been granted in the month of March for one month, the assessee would have filed the returns by this date, i.e. before the end of April 2021. Further the facility to upload the returns electronically was made ready only after a week from the date of notification of extension. Therefore the net extension was of only about 23 days and that too after 37 days of original deadline of 31^st of March 2021.

However, the Pandemic has not ended and the conditions have worsened since then. Many of the States have declared lockdown on own and the spread of the disease has multiplied because of community spread. States like West Bengal and Karnataka are under lockdown till the end of May 2021. States of Maharashtra, Telangana, Delhi, Bihar, Kerala and other States are under lockdown till the end of this month and the return to normalcy is still uncertain. Complying with the Covid safety norms, people are willing to stay at home to be safe. Most of the Tax Professionals have closed their offices and their staffs are not attending to their regular duties. Commuting to the offices and places of business has become tough and for restricted hours and consequently filing of Returns of income is not possible unless normalcy returns.

Various immediate tasks of statue include the deduction of TDS and filing the e-TDS returns before the specified dates. By virtue of a Press release Dt: 01^st of May 2021, due date for deposit of TDS to the credit of Govt U/s. 194IA, 194IB and 194M were extended till 31^st of May 2021. It is not understandable as to why this extension facility was restricted to the above three types of payments. It is requested that timelines be extended for all the provisions of TDS till 30^th of June 2021.

The Government itself has advised people not to move outside and has either imposed lockdown or placed under curfew. Most of the trade associations, at various places, fearing the spread, are observing self proclaimed lockdowns and are strictly observing the lockdown rules. It is impossible to trace the victims and in some cases the Health workers [Medical Professionals] themselves are the victims of the Pandemic forcing them to shut down their Hospitals.

Many assesses who are themselves infected are either hospitalized or are under quarantine and are not in a position to discharge their statutory responsibility.

In this context, we request you to take fair view of the matter and extend the due date of filing the returns as given hereunder.

The due date of filing the Returns of income and E-TDS returns may please be extended as under: –

*Assessment Year*		*Financial Year*	*Due date to be extended to*
2020-21	Income tax Returns U/s. 139(1), 139(4) and 139(5)	01-04-2019 to 31-03-2020	30^th of June 2021
Asst year 2013-14 to Asst year 2017-18	Returns to be filed in response to notice U/s. 148 of Income tax act	2012-13 to 2016-17	30^th of June 2021
2021-22	TDS Provisions	01-04-2020 to 31-03-2021	30^th of June 2021

The Govt of Telangana, late last evening have notified the extension of Lockdown till the end of this month. Keeping all the factors in view, we humbly request you to extend the due date of Filing of Returns for the Asst year 2020-2021 to 30^th of June 2021.

We look forward for a fair consideration on the above stated issue and once again request you to extend the due dates as stated above.

Thank you

For Tax Bar Association, Nizamabad

Sd/-

CA. Venkataramana Dhara

Date: 21-05-2021

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May, 25
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6 Reason why Govt will not further extend the due date of filing ITR

The economic impact of the 2020 coronavirus pandemic in India has been largely disruptive. The lockdown though necessary has led to a disastrous impact on the economy. With an ever-increasing corona virus cases, lockdown was considered as an only solution to flatten the curve. However, the measures which were implemented to avoid a human disaster, have in turn led to the birth of several issues such as unemployment, recession, hindrance to economic growth, financial instability and so on. The Government of India announced a variety of measures to tackle the situation, from food security and extra funds for healthcare and for the states, to sector related incentives and tax deadline extensions.

An income tax return (ITR) is basically a document that is filed as per the provisions of the Income Tax Act, reporting one’s income, profits and losses and other deductions as well as details about tax refund or tax liability. The deadline for filing Income Tax Return for corporate and other assessee’s who are to get their accounts audited under Income Tax Act 1961 or under any other law for the time being in force is 30th September and for others, it is 31st July every year as have been prescribed under the Act. With the ongoing COVID -19 pandemic a lot of income tax due dates were extended. As a result, instead of July 31, 2020, the due date of filing return was first extended up to November 30, 2020, then to December 31, 2020 and finally to January 10, 2021.

Even after the extension provided, tax professionals and businesses were expecting government to be lenient regarding income tax return and tax audit due date extension. Many representations were made to government, amid all this CBDT through a detailed order u/s 119 of the Income Tax Act, 1961 dated 11.01.2021 clarified that there would be no further extension of tax audit due dates. All the representations for further extension of due dates were rejected by Government vide this order.

Why will the Government not extend the due date of filing ITR further?

1) Extensions already provided before

Instead of July 31, 2020, the due date of filing return was first extended up to November 30, 2020, then to December 31, 2020 and finally to January 10, 2021.
It was apparent from the extensions provided before that the Government had not only considered representations of various stakeholders but was also proactive in providing relaxation to the taxpayers by extending due dates regularly.

2) Indian Government provided more extension than most COVID hit countries

A look at the relaxation of similar nature provided by other economies globally made it clear that the Government of India was very empathetic to the needs of the taxpayers as compared various other countries.
Also, no other country had extended the due dates as much as India.
Even countries which were comparatively worse hit by COVID-19, like the USA, UK etc., have provided no or lesser extensions in due dates.

3) Filing of ITR’s is essential for the IT Department

The Government was proactive in analysing the situation and providing relief to assessee’s.
However, it should also be appreciated that filing of tax returns/audit reports were essential part of the obligations of assessee and could not be delayed indefinitely.
Many functions of the Income-tax Department started only after the filing of the returns by the assessee.

4) Important Source of Revenue

Filing of tax returns by assessee also results in collections of taxes either through payment of self-assessment tax by the assessee or by the subsequent collection by the department post processing or assessment of the tax returns.
The tax collections significance, increased in these difficult times and Government of India needs revenue to carry out relief work for poor and other responsibilities.
Any delay in filing returns affected collection of taxes and other welfare functions of the state for the vulnerable and weaker sections of society which is funded through the revenue collected.

5) Adverse effect on the return filing discipline of taxpayers

Sufficient time was already been given to taxpayers to file their tax returns and a large number of taxpayers had already filed their returns of income.
Any further extension would adversely affect the return filing discipline and shall also cause injustice to those who have taken pains to file the return before the due date.
It would also postpone the collection of revenue thereby hampering the efforts of the Government to provide relief to the poor during these COVID times.

6) More ITR’s filed this year than previous year

The CBDT order also provided t the data of returns filed for AY 2020-21 up to 10th January 21 and number of returns filed for AY 2019-20 up to its last date i.e., 31st August 2019.
For AY 20-21 ITRs filed up to last date (10.01.2021) were 5,95,15,322 while for AY 19-20 ITRs filed up to last date (31.08.2019) were 5,61,79,905.
The order concludes that as per above data it is clear that the number of returns filed this year for AY 20-21 for which extension is being requested, has already exceeded the number of returns filed last year up to its last due date of 31.08.2019.

Therefore, the government is of the opinion that there is no requirement of any further extension since the number of returns filed this year has already been more than last year filed ITRs. It is always considered a prudent action to file one’s income tax return on time. More than any other benefit, being on the right side of law helps. It is recommended to keep the income tax department informed about one’s income and taxability. This communication is only possible when one files their ITR.

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January, 15
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Know Revised Due dates for Income Tax Returns, Audit and GST

The Government has finally announced due dates extension for ITR, Audits and GST

Compliance	Revised Due Date	Previous Due date
Income tax return (Non- Audit) AY 2020-21	10^th January 2021	31^st December 2020
Income tax return (Audit) AY 2020-21	15^th February 2021	31^st January 2021
Audit report- Transfer pricing	15^th February 2021	31^st January 2021
Vivad Se Vishwas Scheme	15^th February 2021	31^st December 2020
GST Annual return FY 2019-20	28^th February 2021	31^st December 2020
GST Annual return FY 2018-19	No Ext	31^st December 2020

Detail Press Release

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December, 30
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Will ITR due date get extended? Finance Minister resists pleas of extension

An income tax return (ITR) is basically a document that is filed as per the provisions of the Income Tax Act, reporting one’s income, profits and losses and other deductions as well as details about tax refund or tax liability. The original due date for submitting ITR for assessment year 2020-2021 relevant to financial year 1^st April 2019 to 31^st March 2020 was 31^st July 2020. However, the same was extended due to pandemic COVID-19.

Extension of Due Dates due to COVID 19

The Government of India announced a variety of measures to tackle the situation, from food security and extra funds for healthcare and for the states, to sector related incentives and tax deadline extensions. With the ongoing COVID -19 pandemic a lot of income tax due dates were extended. One of these extension benefits were also provided to the due date of filing income tax returns.

The deadline to file ITR by individual taxpayers for FY 2019-20 ends on December 31, 2020, while the same for taxpayers whose accounts require to be audited is January 31, 2021.

Therefore, ITR due dates for FY 2019-20 are as follows:

Category of Taxpayer	Due Date
Individual	31^st December, 2020
Body of Individuals (BOI)	31^st December, 2020
Hindu Undivided Family (HUF)	31^st December, 2020
Association of Persons (AOP)	31^st December, 2020
Businesses (Requiring Audit)	31^st January, 2020
Businesses (Requiring TP Report)	31^st January, 2020

Pleas submitted to Finance Minister to further extend ITR deadline

Multitude of pleas were being sent to Union Finance Minister Nirmala Sitharaman for further postponing the ITR due date.
The postponements were sought mainly because internal trade remains disturbed due to COVID-19.
Several associations, trade unions, professionals and Parliamentarians sought staggered extensions in deadlines for various returns.
They wanted the due date for filing annual returns for GST postponed to 31^st January, 2021 and for Income Tax returns to 31^st March, 2021.
The social media was also flooded with pleas for postponement, with former Commerce Minister Suresh Prabhu also writing to Union Finance Minister Nirmala Sitharaman in this respect.

Finance Minister resists pleas to further extend ITR deadline

The Union Finance Ministry has blatantly refused the petitions to postpone the last date for filing several returns, including for income tax for assessment year 2020-21.
The North Block has joined the battle of perception with at least six posts daily from the official Finance Ministry Twitter handle urging tax payers to submit the returns by 31^st December.
This persuasion is accompanied by statistics of IT returns filed.
For instance, the Finance Ministry in its fourth post on Monday reported that 7.10 lakh IT returns were filed till 5 pm. It put the cumulative figure till that hour at 4.23 crore for assessment year 2020-21.

Further deadlines that may not be extended by the Finance Ministry

The ministry is also not disposed to defer its decision to make 1% payment of tax liability in cash in GST despite pleas from a pro-government traders’ organisation.
The new rule 86B that makes it mandatory for companies with a monthly turnover of over Rs 50 lakh to pay at least 1% of their net Goods and Services Tax (GST) liability in cash will not impact small businesses and the cash payment is calculated on the basis of tax component only
The Confederation of All-India Traders (CAIT) cited enhanced compliance burden and financial obligation for traders in seeking a deferment but the government has stated that this provision will curb fake invoicing.

In conclusion, it does not seem that the due date of filing Income Tax Returns for AY 2020-21 will extend further from 31^st December, 2021. Therefore, taxpayers are urged to file their ITR’s before the said due date. In doing so, one can avoid late fees of Rs 10,000 and the chances of having ‘best judgement assessment’ conducted on their income.

As per recent news Bombay High Court- Hearing of the writ petition for extension of ITR and Audits has been Adjourned to 31.12. 2020 . Income Tax Department to seek instructions.

It would be interesting to know if Income Tax Department will extend on last date i.e 31 December 2020 or at the beginning of new year. In worst case dates may not be extended

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December, 29
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Is it PUNISHING the HONEST or “Honouring the Honest Taxpayer”?

Our government aims at Transparent Taxation – Honouring the Honest taxpayers. Why is this so impossible, so full of sarcasm one feels in a country like ours? Dear Readers, let me list down to you the various reasons why the same feels a sham.

An honest tax paying citizen was under house arrest for reasons the world knows best being COVID-19, for approximately 3 months. Post that various states have in their own manner imposed various restrictions on movement of people. Metros trains and buses all opened in a staggered manner. Such is the state that its already end of December and the lifeline of Mumbai; its local trains are still not functional. Still taxpayer is expected to be honest and compliant;

An individual taxpayer, when trying to fill his return of income inspite of various shortcomings due to above, faces numerous issues due to schema as the same keeps changing time and again Note the latest schema was updated on 10^th December 2020. Such is the state of technology. Still taxpayer is expected to be honest and compliant;

All due dates of government officers be VAT assessments, income tax assessments, transfer pricing assessments were immediately extended to 31^st March 2021 without a single representation by a living soul.

50 plus representations from across the country by various professionals, lawyers, Chartered Accountants, Company Secretaries, Cost Accountants, GST professionals and other tax professionals for extension of due dates; but all unheard upto 27^th December 2020.

Is this Honesty or Transparency ?

The bureaucratic officers are not able to complete assessments, inspite of the fact that they had 24 months from the end of due date and much more. But still additional 3-6 months are granted to them without any requests. At the same time the Honest taxpayer has to represent and request for extension when it is his right too. Else he is the one to be penalized for various non-compliances.

There is extension for assessment dates, however summons and penalty initiation notices are being sent to taxpayers for no fault of theirs. An assessing officer sends notice on Friday evening at 6 pm for 30 plus details to be compiled and submitted to his office in 2 days time i.e on Monday 10 am. Godforbid should the assesse be unable to do so, on Monday evening there is penalty notice already sent out to him.

We would like to bring to your notice that this is the kind of menace being created by tax officers in today’s date. You can easily verify these facts based on the present e-assessment system. When has the officer requested for details and timeline for compliances? When was the penalty initiation notice sent out to the assesse? If the officer expects the assesse to work his entire weekend, why is the tax officer not doing the same? The official working hours for government offices should be 7 days a week; if the same is expected from the assesse too.

Dear Finance Minister, do you think the public is not watching your practices? These are the same people who can help you stir the economy should you assist them in their time of need. To extend the due dates or not is the secondary issue. The primary being acknowledging the fact that representations in such large numbers are received and communicating to public at large, whether you are considering extension or not ? The basic need in such tough times is the right communication.

Various social media platforms are posting and its trending as #FM missing#, #Extension of due dates#…, however there is no acknowledgement of the same from your office . Should you wish to extend the due dates what stops you from doing the same a week or 10 days in advance. Why WAIT ??

Given the tough times of COVID-19, with new strains of COVID being detected, suspension of flights and danger to the human life, extension of compliances is a very small and humble request from this taxpayer.

No representations are being made requesting you to offer additional Stimulus packages. The countries in USA and Europe are granting additional stimulus to boost their economies at regular intervals. No such requests are being made by the taxpayers.

It is a well said quote by the father of our nation Mahatma Gandhi “Practice before you preach”. If you preach that a taxpayer should honestly pay his taxes, then show the same honesty as well. If government timelines are extended without asking for it, then the taxpayers of the nations need not ask or request for the same either.

We wish to see the transparency in each of your doing.

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December, 27
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Due Date to File ITR for FY 2018-19 AY 2019-20 Extended to 30 November 2020

Considering the genuine difficulties being faced by taxpayers, Income Tax Dept has further extended the deadline to file belated/ revised ITR for AY 2019-20. Now 30th November, 2020 is the last date for filing ITR for both AY 2019-20 and AY 2020-21. Order has been issued.

On further consideration of genuine difficulties being faced by taxpayers due to the Covid-19 situation, CBDT further extends the due date for furnishing of belated & revised ITRs for Assessment Yr 2019-20 from 30th September, 2020 to 30th November, 2020.Order u/s 119(2a) issued.

Copy of Order

Revised Income Tax Return and Tax Audit Due date for Financial Year 2019-20 and Changes in Direct Tax

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September, 30
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Know which ITR is applicable for you for AY 2020-21

Know which ITR is applicable for you for AY 2020-21 FY 2019-20

An income tax return is basically a document that is filed as per the provisions of the Income Tax Act, reporting one’s income, profits and losses and other deductions as well as details about tax refund or tax liability.

Due date for all income-tax return for FY 2019-20 is extended from July 31 2020 and 31 October 31, 2020 to November 30, 2020 to provide relief to taxpayers in view of the current COVID 19 pandemic.

The Income Tax Law provides for mandatory filing of returns in certain cases.

Who is required to mandatorily file Income Tax Returns (ITR)?

Individuals or HUF who is less than 60 years of age and has gross total income more than Rs 2.5 lakh i.e. above basic exemption limit has to file income tax returns, according to the Income Tax Act. For senior citizens, the basic exemption limit is Rs 3 lakh, and for those who are more than 80 years old, the basic exemption limit is Rs 5 lakh.
Companies have to compulsorily file income tax returns irrespective of profit or loss.
A firm, individual or a HUF whose books of account are required to be audited under section 44AB.
A resident assessee having any assets (including financial interest in any entity) located outside India or signing authority in any account located outside India.
Taxpayers claiming relief under section 90, 90A or 91.
Assessee wanting to apply for refund.
Assessee wanting to carry forward or set off the loss.
Those who derive income from property held under a trust for charitable or religious purposes or a political party or a research association, news agency, educational or medical institution, trade union, a not for profit university or educational institution, a hospital, infrastructure debt fund, any authority, body or trust.
If one has entered into any transaction under the Annual Information Return.

The Central Board of Direct Taxes (CBDT) has notified and released various ITR forms for different purposes. If you file your return using the wrong form, then it will be considered defective.

If the defect is not rectified, the return will be regarded as invalid, and the department will treat it as if the person did not file his return. Hence it is extremely important to know which ITR is applicable for which kind of assessee and for what income.

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Given below are the applicable ITR’s for AY 2020-21

ITR 1 (SAHAJ)

ITR -1 Form is a simplified one-page form for individuals having income up to Rs 50 lakh from the following sources:

Income from Salary/Pension
Income from One House Property (excluding cases where loss is brought forward from previous years)
Income from Other Sources (excluding winning from Lottery and Income from Race Horses)

Who is not required to file ITR-1?

Individuals who are non-resident or not ordinarily resident.
Resident individuals whose total income exceeds Rs 50 lakh
Individuals who are directors in a company
Individuals who have invested in unlisted equity shares
Individuals who have incurred income from the following means:-
Capital gains – either short-term, long-term or both
Income from more than one House Property
Winnings from Lottery, Racehorses, Legal Gambling etc.
Agricultural income exceeding Rs. 5,000
Profits or Gains from Business or Profession
Individual who is a Resident and has assets (including financial interest in any entity) outside India or signing authority in any account located outside India.
Individual claiming relief of foreign tax paid or double taxation relief under section 90/90A/91.
Individual taxpayers who made cash deposits not exceeding Rs 1 crore with a bank
Individual taxpayers who incurred expensed below Rs 2 lakh on foreign travel
Individual taxpayers whose expenditure is below Rs 1 lakh on electricity bill

ITR 2

ITR-2 Form is for individuals and HUFs not carrying any profession or business. Thus persons having income from following sources are eligible to file Form ITR 2:

Income from Salary/Pension
Income from House Property
Income from Capital Gains/loss on sale of investments/property
Income from Other Sources (including winning from Lottery, bets on Race Horses and other legal means of gambling)
Foreign Assets/Foreign Income
Agricultural Income more than Rs 5000
Resident not ordinarily resident and a Non-resident
A Director of any company and an individual who is invested in unlisted equity shares of a company will be required to file their returns in ITR-2.

Who is not required to file ITR-2?

Any individual or HUF having income from Business or Profession
Individuals who are eligible to fill out the ITR-1 Form

ITR 3

The ITR 3 is applicable for individual and HUF who have income from profits and gains from business or profession. The return may include income from House property, Salary/Pension, capital gains and Income from other sources. This includes both tax audit and non tax audit cases and also includes income under Presumptive basis taxation under section 44AD, 44AE, 44ADA. The taxpayer should disclose:-

the amount of cash deposits above Rs 1 crore in the current accounts with a bank
expenditure incurred above Rs 2 lakh on foreign travel
expenditure incurred above Rs 1 lakh on electricity.
In case an individual is a director in a company or holds unlisted equity investments, the ‘type of company’ should also be disclosed.
In case of short-term or long term capital gains from sale of land or building or both, the details of the buyer(s) i.e. name, PAN or Aadhaar, percentage share of ownership and address have to be given.
While providing the details of bank accounts, if a taxpayer selects multiple bank accounts for credit of refund, the income tax department may choose any account for processing the refund.

ITR 4 (SUGAM)

ITR 4 is to be filed by the individuals/HUF/ partnership firm whose total income of AY 2020-21 includes:-

Business income under section 44AD or 44AE
Income from profession calculated under section 44ADA
Salary/pension having income up to Rs 50 lakh
Income from One House Property having income up to Rs 50 lakh (excluding the brought forward loss or loss to be carried forward cases under this head)
Income from Other Sources having income up to Rs 50 lakh (Excluding winning from lottery and income from horse races).

An individual who is either a director in a company and has invested in unlisted equity shares cannot use this form.

ITR 5

This income tax return is meant for firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals), Artificial Juridical Person (AJP), Estate of deceased, Estate of insolvent, Business trust and investment fund.

However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form.

ITR 6

ITR 6 is an income tax return form that is used by companies to e-file income tax return if they do not claim exemption under Section 11 of the Income Tax Act, 1961. Under existing Income Tax rules, companies that can claim exemption u/s 11 are those who have income from property that is held for charitable or religious purposes.

If the assessee is liable for Audit u/s 44AB and the accounts have been audited by an accountant, the details of such audit report, auditor along with the date of furnishing it to the department electronically has to be provided.

The key changes in the ITR-6 Form in AY 2020-21 are:-

A separate schedule 112A for the calculation of the long-term capital gains on the sale of equity shares or units of a business trust which are liable to STT.
The details of tax on secondary adjustments to transfer price under section 92 CE(2A).
The details of tax deduction claims for investments or payments or expenditure made between 1^st April 2020 and 30^th June 2020.

ITR 7

ITR 7 is an income tax return form that is to be submitted by tax assessees who are required to file returns under key sub-sections of Section 139 of the Income Tax Act, 1961. The following the key individuals/businesses who can file income tax return using ITR-7 are:-

ITR 7 u/s 139(4A)

Income tax filing under Section 139(4A) is for any person who receives income from property used solely/partially for charitable or religious purposes. Additionally, in order to file income tax return using ITR 7, such property must be held under a legal obligation or as a trust.

ITR 7 u/s 139(4B)

Section 139(4B) specifically applies to political parties. While political parties are exempt from taxation u/s Section 13A, this exemption applies only if they file annual returns using ITR 7. Section 13A also prescribes a basic exemption limit for political parties, thus ITR Form 7 needs to be filed only if the political party breaches this exemption limit.

ITR 7 u/s 139 (4C)

Under existing income tax rules, returns need to be mandatorily filed using ITR 7 u/s 139 (4C) by the following entities:

Scientific research association
News agency
Association or institution referred to in Section 10(23A)
Various types of institutions listed in Section 10(23B)
Filing ITR 7 u/s 139 (4D)

Under rules of Section 139 (4D) all institutions, college and university who are not covered under any other section are required to mandatory file their income tax returns using ITR Form 7.

Filing ITR comes with a number of benefits such as claiming deductions, set off and carry forward of losses, avoid interest and penalties on tax liability and so on. It is always considered a prudent action to file one’s income tax return on time.

More than any other benefit, being on the right side of law helps. It is recommended to keep the income tax department informed about one’s income and taxability. This communication is only possible when one files their ITR.

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August, 27
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CBDT Revising ITR Form FY 2019-20 & Utilities to release on 30 May 2020, Sources Due date of ITR Filing may be Extended

CBDT revising return forms for FY 2019-20 AY 2020-21 to enable taxpayers avail benefits of timeline extension due to Covid-19 and provide Utilities by 30 May 2020

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In order to enable income taxpayers to avail full benefits of various timeline extensions granted by the Government of India due to Covid-19 pandemic situations, the CBDT is revising the return forms for FY 2019-20 (Assessment Year 2020-21) which shall be notified by the end of April 2020.

CBDT said that in order to facilitate taxpayer to avail full benefits with various timeline extension up to 30^th June 2020 granted by the government, it has initiated necessary changes in the return forms so that taxpayers could take benefits of their transactions carried out during the period from 1^st April 2020 to 30^th June 2020 in the return forms for FY 2019-20.

CBDT explained that the necessary modifications in the return forms are being made to allow taxpayers to avail the benefits of their investments/transactions made for the Apr-to-Jun 2020 period. Once the revised forms are notified, it will further necessitate the consequential changes in the software and return filing utility. Hence, the return filing utility after incorporating necessary changes shall be made available by 31^st May, 2020 to avail benefits for FY 2019-20.

CBDT said thatdue to outbreak of Covid-19, the Government has extended various timelinesunder the Income-tax Act,1961 vide Taxation and Other Laws (Relaxation of certain provisions) Ordinance, 2020. Accordingly, the time for making investment/ payments for claiming deduction under Chapter-VIA-B of IT Act which includes Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim),80G (Donations), etc. for FY 2019-20 has also been extended to 30^thJune 2020. Also, the dates for making investment/construction/purchase for claiming roll over benefit in respect of capital gains under sections 54 to section 54GB has also been extended to 30^th June 2020. Therefore return forms are being revised to facilitate reporting of the transactions of the relief period.

It may be noted that generally the income-tax return forms are notified in the first week of April. This year also the e-filing utility for filing of return for Assessment Year 2020-21 was made available as on 1st April, 2020, and the Income-tax Return (ITR) Forms ITR-1 (Sahaj) and ITR-4 (Sugam) for the FY 2019-20 (Assessment Year 2020-21),too, were already notified vide notification dated 3rd January, 2020. However, to ensure that the taxpayer is enabled to avail all benefits of the timeline extension due to Covid -19 pandemic, the Return Forms revision is being carried out.

End of Press Release

Conclusion

Every year the Forms and Utlities are released by 1st week of April or maxium by Second week. Based on the above press release the ITR Forms and Utilities will be available only by 31 May 2020 and as various investment link deduction date is extended till 30 June, there is major chances of Due date to file Income Tax Returns for Non Audit Cases like, Salaried Individual, Pension earners, Interest & Rent Earners, etc may be extended from 31 July 2020 to 30 September 2020, by the government due to the impact of the coronavirus lockdown

The TDS return due date has been extended by Ordinance to 30 June, so most employees will receive Form 16 by mid of July, making it impractical to file ITR before 31 July

Last year, the government had extended the last date for filing TDS returns for FY 2018-19 to June 30, 2019 and deadline to issue Form 16 to July 10, 2019. With the revision of Form for FY 2019-20 it becomes more certain that government has to provide more time to taxpayers to file returns.

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