Extended Deadline for Tax Compliance Is a Huge Relief for the Taxpayers, ITR for FY 2019-20 Can Now Be Filed Till 31 May
Amid a surge in Covid-19 cases and a nationwide lockdown, the government on Saturday has announced to extend the timelines for various income tax compliance to 31 May, including late return filing or revised returns for FY 2019-20. Releasing the notification, the Central Board of Direct Taxes (CBDT) has stated that it had received several requests from various stakeholders for exemption in various tax compliance. In an official statement, CBDT has also stated that the deadline for tax compliance dates has been extended due to unfavourable circumstances caused by the Covid-19 epidemic.
In the Circular released, the CBDT has stated that the date for filing of belated return under subsection (4) and revised return under sub-section (5) of section 139 of the income-tax act, 1961 for the assessment year 2020-21, the revised return filing date has been extended to 31 May 2021. Earlier, it was 31 March 2021. Now as per the notice under section 148 of the Act, income tax returns can be filed by the time given in the notice or till May 31, 2021.
Also, the date for filing objections to the Dispute Resolution Panel (DRP) and filing an appeal before the Commissioner has been extended to 31 May. According to the notification released, it’s been stated that objections to Dispute Resolution Panel (DRP) under Section 144C of the Income-tax Act, 1961, for which the last date of filing under that Section is 1st April 2021 or thereafter, can be filed within the time provided under that Section or by 31st May 2021, whichever is later.
The exemption in due dates given by the government will be a huge relief for the taxpayers, although the government may have to push these deadlines further if the Covid-19 situation doesn’t improve in the next two weeks.
Reference – Circular No. 08/2021-Income Tax