Representation for extending dates for furnishing belated/Revised Returns

Representation for extending dates for furnishing belated/Revised Returns

For filing a belated income tax return u/s 139(4) for the fiscal year 2019-20 (which was originally 31st March 2021 but was extended to 31st May 2021)

For the purpose of filing a Revised Return of Income Tax u/s 139(5) for the fiscal year 2019-20 (which was originally 31st March 2021 but was extended to 31st May 2021)

2. However, owing to the Corona pandemic, many taxpayers were unable to file their ITR for FY 2019-20 (First Year 2020-21) by May 31, 2021, despite their best efforts. The provision of such ITRs will aid in increased revenue collection, and taxpayers will be able to maintain regularity by ensuring that their returns are filed on a consistent basis.

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3. The CBDT has granted Corona patients the benefit of exemption for amounts received beginning in FY 2019-20 and ending on June 25, 2021, but the deadline for filing ITR/ Revised ITR has passed, and it is necessary to allow them to file their Return/ Revised ITR for AY 2020-21 so that they can benefit from the exemption.

Section 206AB introduces a higher levy of TDS on tax defaulters from 01st July 2021

4. Facility for filing ITR in response to Notice under Sec. 148: Please provide a facility on the new Income Tax Portal for filing Belated/ Revised ITRs as well as ITR in response to Notice under Sec. 148 for assessment years 2020-21 and earlier, as per amended provisions regarding the reopening of assessments with effect from April 1, 2021.

ITR or Income Tax Return Filing Deadline for FY21 (AY 2021-22) Extended.

ITR or Income Tax Return Filing Deadline for FY21 (AY 2021-22) Extended.

In a major relief to taxpayers, the Central Board of Direct Taxes (CBDT) on Thursday extended the deadline for filing income-tax returns (ITR) for FY 2020-21 till September 30. All you need to know

 

The Central Board of Direct Taxes (CBDT) announced on Thursday that the deadline for filing income tax returns (ITR) for FY 2020-21 (AY 2021-22) has been extended to September 30. The official statement stated, “The Central Board of Direct Taxes, in the exercise of its competence under section 119 of the Income-tax Act, 1961, provides relaxation…” The decision was made in the aftermath of the country’s second coronavirus pandemic. Earlier this year, the Internal Revenue Service (IRS) extended numerous tax deadlines.

“As the second wave of COVID-19 rages through multiple states in India, the extension of due dates for different compliances for employers, as well as the extension of tax filing due dates for taxpayers, is critical in the current circumstances,” stated Archit Gupta, founder and CEO of ClearTax.

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Check out the new tax deadlines for FY 2020-21 (AY 2021-22):

1) For regular taxpayers, the due date for filing an income tax return for Assessment Year 2021-22 has been moved from July 31, 2021 to September 30, 2021.

2) Audited taxpayers have until November 30 to file their income tax returns. The previous date was October 31.

3) The deadline for submitting the Tax Audit Report has been extended from September 30 to October 31, according to a statement from the CBDT.

4) The deadline for filing a late/revised income tax return has been moved from December 31, 2021 to January 31, 2022.



5) The deadline for submitting the Transfer Pricing Study Report has been extended to November 30.

6) The deadline for SFTs has been extended from May 31, 2021 to June 30, 2021.

7) Statement of Reportable Account – the deadline has been extended from May 31 to June 30.

8) The deadline for filing the TDS Statement for the fourth quarter of FY 2020-21 has been extended to June 30. Previously, the deadline for filing TDS was May 31.

9) The deadline for submitting Form 16 has been pushed back a month to July 15. It had been June 15 the day before.

“Various due date extensions will ease compliance burdens for businesses struggling in the current economic downturn. This also underscores the importance of firms moving their tax compliance completely online.”

The Income Tax Department announced on Wednesday that on June 7, it will launch a new e-filing site at http://incometax.gov.in. From June 1 to June 6, the present platform would be unavailable to taxpayers for six days, according to a statement from Income Tax India. “The new e-filing portal is designed to provide taxpayers with ease as well as a modern, seamless experience. It is another step by the CBDT to make compliance easier for its taxpayers and other stakeholders,” it continued.

So far this fiscal year, the tax department has issued over Rs 24,792 crore in refunds to over 15 lakh taxpayers. The Income Tax Department tweeted, “CBDT issues refunds of about Rs 24,792 crore to more than 15 lakh taxpayers between 1st April 2021 and 17th May 2021.” In all, Rs 7,458 crore in personal income tax refunds were issued in approximately 14.98 lakh cases. 43,661 taxpayers received Rs 17,334 crore in corporate tax refunds.

E-filing of ITRs increased by 9% in FY20, with 7.38 crore returns submitted by March 31.

According to the most recent tax numbers, there are over 10 crore registered users, with 7.38 crore filing tax returns online in FY21. E-filing of Income Tax Returns (ITRs) increased by 9% in FY21 compared to FY20, with 7.38 crore returns filed through March 31, compared to 6.77 crores in FY20 and 6.68 crores in FY19.

About five crore people with an annual income of less than or equivalent to $5 lakh filed their tax returns. Around 81,653 individuals with an annual income of more than Rs 1 crore, as well as 44,752 businesses, 836 trusts, 16,420 firms, and 62 local governments, filed returns.

The CBDT extends the deadline for depositing TDS and filing late tax returns.

Maharashtra topped the list, with 1.14 crore ITRs filed via the tax department’s e-filing scheme. Gujarat had 74.50 lakh e-returns, Uttar Pradesh had 71.47 lakh, Rajasthan had 48.29 lakh, Tamil Nadu had 46.15 lakh, Karnataka had 43.15 lakh, and Delhi had 38.20 lakh e-returns.

According to tax statistics, there was a 1.72 per cent increase in filing growth in AY 20-21, with 6.83 crores ITRs filed compared to 6.72 crores in AY 19-20.