During the Covid-19 second wave, the Income Tax Department recently extended certain deadlines to relieve taxpayers of the strain of multiple income tax compliance, including the submission of belated or revised returns for the 2019-20 fiscal year, until May 31. According to CBDT, the filing of a belated return under Section 139 of the Act, as well as a revised return under Section 139 of the Act, for Assessment Year 2020-21, which was due on or before March 31, 2021, may be filed on or before May 31, 2021. Hence, below is a complete list of new deadlines that taxpayers should be aware of:
Submission of belated ITR
According to the CBDT, the filing of a belated return under sub-section (4) and a revised return under sub-section (5) of Section 139 of the Income-tax Act, 1961 for Assessment Year 2020-21, which was due on or before March 31, 2021, can now be conducted on or before May 31, 2021.
TDS payment under various sections
Payment of TDS under Sections 194-IA, 194-IB, and 194M of the Income-tax Act, 1961, as well as the filing of challan-cum-statement for tax deducted, which were due on April 30, 2021, can now be completed and submitted on or before May 31, 2021.
ITR in relation to the Section 148 notice
According to the CBDT, the ITR filed in relation to a notice under Section 148 of the Income-tax Act, 1961, with a due date of 1st April 2021 or later, can now be filed within the period allowed under the notice or by 31st May 2021, whichever is later.
Submission of statement in Form 61
According to CBDT, the statement in Form No. 61, containing details of declarations submitted in Form No.60, which was due on or before April 30, 2021, must be filed on or before May 31, 2021.
Filling of appeals
According to CBDT, an appeal to the Commissioner (Appeals) under Chapter XX of the Income-tax Act, 1961, must be filed within the period specified in that Section or by May 31, 2021, whichever is later. Even, under Section 144C of the Income-tax Act, 1961, appeals to the Dispute Resolution Panel (DRP) can be submitted within the time limits set out in that section, or by May 31, 2021, whichever comes first.
Vivad se Vishwas scheme
According to the CBDT, the deadline for payment the amount due under the Direct Tax Vivad se Vishwas Act, 2020, without any additional amount, has been extended until June 30, 2021.
The Central Government has also agreed to extend time restrictions to June 30, 2021 in the following circumstances where deadlines were previously extended to April 30, 2021 by multiple regulations provided under the Taxation and Other Laws (Relaxation) and Amendment of Certain Provisions Act, 2020:
- Time period for issuing any order for assessment or reassessment under the Income-tax Act, 1961 (hereinafter referred to as "the Act"), the deadline for which is set out in sections 153 or 153B.
- Timeframe for issuing an order in response to a DRP's guidance under sub-section (13) of section 144C of the Act.
- Timespan for issuing a notice under section 148 of the Act to reopen an assessment where income has been missed.
- Deadline for submitting intimation of Equalisation Levy processing under sub-section (1) of section 168 of the Finance Act 2016.