Income tax due dates extended for few compliances on account 2nd wave of COVID in India – SK Patodia

Income tax due dates extended for few compliances on account 2nd wave of COVID in India

Commissioner of Income Tax (Appeal)

– As per current provisions of Income tax, taxpayers can file appeal before CIT(Appeal) against the adverse order passed by assessing officer in 30days of receipt of such order. In the above said circular, additional time is given for cases wherein 30 days expire between 1st April and 30th May 2021. In such cases, appeal can be filed on or before 31st May 2021.

– As per current provisions of Income tax, if the assessing officer believes that the individual’s income chargeable to tax might have escaped assessment, the officer can issue notice u/s 148 of the act. Under said notice, opportunity is given to revise return within 30 days. Taxpayers can also file the same return against notice issued u/s 148 of the act. In the above said circular, additional time is given for cases wherein 30 days expire between 1st April and 30th May 2021. Return can be filed on or before 31st May 2021.

– As per the income tax provisions, the last date for filing return for AY 2020-21 (year ending 31st March 2020) was 31st March 2021. In the above said circular last date is extended to 31st May 2021. Recently, for many taxpayers. Under the Compliance window of efiling website, income tax has updated mismatched items of income not offered to tax as per records available with Income tax. Extended due date will help such taxpayers to rectify mistakes and revise the income tax return, to save him/herself from penal consequences.

– As per the current income tax provisions, tax is required to be deducted (a) by buyer while making a purchase of the property (b) at the time of payment of Rent above Rs.50,000 p.m. on Residential property by an individual and HUF (c) amount paid to a resident individual, for carrying out any contractual work or providing any professional service, in a financial year exceeds Rs 50,00,000. In the above said circular, additional time is given for cases wherein the payment cum return is required to be filed by 30th April 2021. Same can be now filed on or before 31st May 2021.

– As per the current income tax provisions, an entity is required to obtain PAN of the transacting party. In case the transacting party does not have a PAN, form 60 is to be filled by the transacting party. Details of these Forms are to be reported in form 61 for the period 1st October to 31st March by 30th of April and for the period 1st April to 30th of September by 31st of October. In the above said circular, additional time is given for cases wherein form 61 is required to be filed by 30th April 2021. Same can be now filed on or before 31st May 2021 for the Form 60 collected between 1st October 2020 to 31st March 2021.