Income Tax returns for AY20-21: Relief for taxpayers as government extends deadline

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Income Tax returns: If you have not yet filed returns for the assessment year 2020-2021 (AY20-21), then there’s some good news for you. The Central Board of Direct Taxes (CBDT) has extended the deadline for filing returns and revised returns to May 31, 2021.

The CBDT stated in the notice, “Filing of belated return under sub-section (4) and revised return under sub-section (5) of Section 139 of the Act, for Assessment Year 2020-21, which was required to be filed on or before 31st March 2021, may be filed on or before 31st May 2021.”

The department has said that in the wake of the pandemic and at the request of taxpayers, tax consultants, and other stakeholders, the dates of compliance are being relaxed and the government has decided to extend some timelines.

The Income Tax Department has been allowed to file late returns with penalty, but this facility ends on March 31 of the year of assessment, that is, 31st March is often the last date to fill a belated or revised return.

Relaxations in many deadlines

“The last date to file a belated and revised return was 31st March which has now been extended till 31st May. Moreover, relaxation is given to selected TDS sections and also section 148 (to file an income tax return in response to notice). This will benefit only a few assesses since there are many other compliances to fulfill and due to the pandemic they are not getting fulfilled,” said Tax expert Gauri Chadha.

Under the Income Tax Act section 194-IA, section 194-IB, and section 194M, filing of challan-cum-statement for such tax deducted, which is required to be filled by 30 April 2021, can now be filled till 31 May 2021. As per the press release, “Payment of tax deducted under Section 194-IA, Section 194-IB and Section 194M of the Act, and filing of challan-cum-statement for such tax deducted, which are required to be paid and furnished by 30th April 2021(respectively) under Rule 30 of the Income-tax Rules, 1962, maybe paid and furnished on or before 31st May 2021.”

The last date for the Objections to Dispute Resolution Panel was 1 April 2021, it has also been extended to 31 May 2021.