Deadline for filing of belated and revised IT return for FY 2019-20 is extended

The income tax department has relaxed various timelines related to the tax compliances on 1st May 2021 through a press release. The initiative was taken because of the severe COVID-19 pandemic. The Central Board of Direct Taxes has extended the due dates to reduce the difficulties faced by various stakeholders for tax compliance due to the pandemic. 

Revised and Belated Income Tax Return for FY 2019-20

The due date to file the belated and revised income tax return for the FY 2019-20 is extended to 31st May 2021 from the due date of 31st March 2021. Any taxpayer who has missed filing the belated return or the revised income tax return can now file it on or before the extended timeline. 

When the taxpayer does not file the income tax return within the due date specified in the Income Tax Act, he can file the belated income tax return. Also, when the taxpayer wants to revise the information in the original return filed, he may file a revised return for the same. 

TDS Payment and Filing of Challan cum Statement for March 2021

The due date to deposit TDS to the income tax department and furnishing of challan cum statement for March under section 194-IA, 194-IB and 194M of the Income Tax Act is extended to 31st May 2021. The last date to make payment of tax deducted for March and furnish challan cum statement under section 194-IA, 194-IB and 194M was 30th April 2021

The tax is deducted at source under section 194-IA of the Income Tax Act by the transferee when making payment for the transfer of the immovable property where consideration is Rs.50 lakh or more.

Under section 194-IB, the tax is deducted at source for the payment of rent on certain assets, where the amount of rent is Rs.50,000 or more.

Further, if the total payment for contractual or professional services to the resident individual exceeds Rs.50 lakh in a financial year, then tax is required to be deducted at source under section 194M.

The challan cum statement for section 194-IA, 194-IB and 194M is furnished in Form no. 26QB, 26QC and 26QD, respectively.

Income Tax Return in Response to Notice Under Section 148

The income tax returns required to be filed as of 1st April 2021 or thereafter, in response to notice under section 148, can now be filed within the time provided in the notice or 31st May 2021, whichever date is later.

Appeal to Commissioner (Appeals)

The due date to file appeals to the commissioner (appeals) required to be made on 1st April 2021, or thereafter, is now extended to 31st May 2021 or the time provided as per the provisions of the Income Tax Act, whichever is later.

Objections to Dispute Resolution Panel (DRP)

If the last date of filing objections to Dispute Resolution Panel (DRP) is 1st April 2021, or thereafter, it can now be filed on time provided in the provisions of the Income Tax Act or 31st May 2021, whichever is later.

Furnishing of Form no. 61

The statement in Form no. 61, containing particulars of declaration received in Form No. 60, which was to be furnished on 30th April or before, can be furnished on or before 31st May 2021.

The government’s initiative to provide relaxation in the above timelines is a breather for the taxpayers in such difficult situations.

For any clarifications/feedback on the topic, please contact the writer at namita.shah@cleartax.in