RECENT UPDATES ON INCOME TAX MAY 2021 II EXTENSION OF STATUTORY DEADLINE

In order to grant relief from the statutory filings amidst the second wave of Covid-19 Pandemic, the Finance Ministry have extended various compliance due dates during the year 2021-2022 vide various Circulars and notifications. Such announcements come as a major relief in these tough times by giving the charitable organizations sufficient time for various compliances under the law. Along with the announcement of extension of such statutory timelines, earlier this week, various other announcements were also made in Income Tax, which have covered by us in today’s video. So, let’s see them one by one. INCOME TAX RETURN AND TAX AUDIT REPORT The due date for filing Tax Audit Report i.e Form 10B for the AY 2021-2022 pertaining to FY 2020-2021 has been extended from 30th September 2021 to 31st October, 2021. Accordingly, the due date for filing Income Tax Return whether Form ITR 5 or Form ITR 7, whichever is applicable, have also been extended from 31st October 2021 to 30th November, 2021. In our view this implies the due date for filing various forms such as Form 9A or Form 10 too stands extended upto 30th November, 2021. BELATED/REVISED RETURNS In Budget 2021, the due date for filing revised or belated returns was reduced further by 3 months to keep it at 31st December of the relevant financial year. Keeping in line with the extension of timelines granted to original income tax return, the due date for filing such revised or belated returns for AY 2021-2022 pertaining to FY 2020-2021 have also been extended from 31st December, 2021 to 31st January, 2022. We would like to inform you here that earlier this year, the belated or revised returns for FY 2019-2020 too was extended upto 31st May, 2021. So, those organizations who missed to file there returns for FY 2019-20, can file it now. VIVAAD SE VISHWAS SCHEME The charitable organizations opting the said scheme gets another extension to opt for the same. Earlier this year, the due date for payment of tax under Vivaad Se Vishwas Scheme was already extended to 30th April, 2021. However, vide release of yet another circular of CBDT, such due date was further extended which now stands at 30th June, 2021. FILING OF TDS RETURN FOR Q4 OF FY 2020-2021 The due date for filing the TDS returns for last quarter of FY 2020-2021 have been extended from 31st May, 2021 to 30th June, 2021. However, no extension has been granted related to due date for payment of TDS for the month of April or May, 2021. ISSUE OF TDS CERTIFICATES Keeping in line with the extension of timelines of filing Q4 returns for FY 2020-2021, the due date for issue of certificates have also been extended from 15th June, 2021 to 15th July, 2021. So, all in all, most of the due dates have been extended by a period of 1 month keeping in mind the hardships faced due to second wave of Covid-19 pandemic. Another major announcement was recently made by Directorate of Income Tax (System) on 19th May, 2021 i.e. LAUNCH OF NEW E-FILING INCOME TAX PORTAL The e-filing portal of income tax shall be completely shifted from www.incometaxindiaefiling.gov.in to www.incometax.gov.in, which will be launched on 07th June, 2021. Accordingly, the portal shall be unavailable from 01st June, 2021 to 06th June, 2021. GET IN TOUCH: Our Website: https://ngoenabler.com/ Email Id : [email protected] Like our Facebook Page:   / ngoenabler