Extension of due dates for filing Income-Tax Returns under the Income-tax Act, 1961 for AY 2020-21 from 31st March 2021 to 31st May 2021


In view of a severe pandemic, the Central Board of Direct Taxes provides the following relaxation in respect of Income-tax compliances by the taxpayers.


01.ITR for AY (2020-21) (FY 19-20)(belated as well as revised), which is required to be filed before 1/4/2021 can now be filed up to 31/05/2021.


02.Time limit for filing ITR in response to notice u/s 148 of the Act which is required to be filed before 01/04/2021 can now be filed up to 31/05/2021.


03.Objection to DRP u/s 144C, for which the last date of filing is 1/4/2021 can now be filed up to 31/05/2021.


04.Appeals to CIT(A) for which the last date to file an appeal is 01/04/2021 is now extended up to 31/05/2021.


05.Due date for payment of TDS u/s 194-IA,194-IB.194 M extended from 30/04/2021 to 31/05/2021.


06.Due date for filing of the statement of  FORM61 extended from 30/04/2021 to 31/05/2021.

  

Income Tax updates w.e.f  01/04/2021.

01.Disallowance for nonpayment of PF ESI. 

W.e.f, 1st April 2021 any amount received as an employee’s contribution W.e.f, 1st April 2021 any amount received as an employee’s contribution towards provident fund, or ESI funds, shall be treated as income of the Employer if the same is not deposited on or before the due date as provided under the PF & ESI Acts not Return of income(ROI) Due date.

Though section 43B of the Act covers only employer‘s contribution and does not cover employee contribution, some courts have applied the provision of section 43B on employee contribution as well.

Now, to provide certainty, it is proposed to amend sec 36(1)VA and 43B.

Effects of the amendment.

  • The employer has to disallow the expenditure on account of employees’ contribution to respective funds if they are not deposited within the due dates.
  • Unlike section 43B of the Act which allows deduction in the year of payment, no deduction will be allowed u/s 36(1)(VA) even when employees contributions are deposited at a later date.
  • Therefore, the employer will not have to create any deferred tax assets on this as per Accounting Standard 22 or Ind AS 12, as these disallowances are not timing difference.

02.TDS Rates for FY 21-22.

Pls Note TDS and TCS Rates had been reduced by 25% during FY 2020-21 due to COVID-19. However, with effect from 1st April 2021, original TDS and TCS rates will be applicable for FY 2021-22.
check out TDS Rates for FY 21-22

03.Changes in Form 3CD (Tax Audit)

Changes in Form 3CD (Tax Audit) notified for FY 20-21 

Following Clauses have changed

Clause 8A 

Clause 17 

Clause 18 

Clause 32 

Clause 36 stands omitted 


04.Consequences of late filing of ITR.

31.3.2021 was the last date to file ITR for FY 19-20. 

Following are the consequences if you failed to file IT 

1) Notice u/s 142(1) 

2) BJA u/s 144 

3) No Refund of Taxes 

4) No c/f of losses 

5) Penalty u/s 270A for under-reporting of Income 

6) Prosecution u/s 276CC


Comments

Post a Comment

Popular posts from this blog

Handling Interviews (Questions that can be asked in Technical Round)

Image
Hello everyone!! Welcome back to the TAX DESTINATION blog.Thanks for your continuous support & tremendous response to our blogs. Check out the Previous series if you haven't read the same where we have given questions that can be asked in HR Round. In this series, we would like to give questions that can be asked in Technical Round for CA Freshers & Experienced Candidates. CA Job Profile according to CA Final subjects into different profiles:  FR: Controllership, IND AS, Finance and Accounts  SFM: Valuation, Private Equity, IB Analyst etc.  Audit: Statutory, Internal Audit Law: Companies Act and Other Act Compliances SCMPE: Cost Optimisation, Budgeting, Forecasting, FP&A  Elective: Correlate with your expertise  DT: Direct tax and IT, Consultancy  IDT: GST, Custom, litigation. In this blog, we would like to highlight the questions & Replies to the questions that can be asked in Audit & Accounts Role. Questions  that can be asked in Audit Profile - Audit Procedur
Know more »

Nine Personal Finance Rules we all must know

Hello everyone!! Welcome back to the TAX DESTINATION Blog.  Many people earn a lot & spend a lot but fail in planning and saving finance. To assist you in planning & saving your finance we are giving you nine ways of planning & saving your finance.  Nine Personal Finance Rules we all should better know. 1) Rule of 72 (Double Your Money) 2) Rule of 70 (Inflation) 3) 4% Withdrawal Rule 4) 100 Minus Age Rule 5) 10, 5, 3 Rule 6) 50-30-20 Rule 7) 3X Emergency Rule 8) 40℅ EMI Rule 9) Life Insurance Rule Let's move ahead!!! 1) Rule of 72 No. of years required to double your money at a given rate, You just divide 72 by the interest rate Eg, if you want to know how long it will take to double your money at 8% interest, divide 72 by 8 and get 9 yrs At a 6% rate, it will take 12 yrs At a 9% rate, it will take 8 yrs 2) Rule of 70 Divide 70 by the current inflation rate to know how fast the value of your investment will get reduced to half its present value.  The inflation rate of 7
Know more »

Personalized Replies to the Questions that can be asked in HR Rounds

Hello everyone!! Welcome back to the TAX DESTINATION blog. Thanks for your response to our Series - 1 on Handling Interview & Interview Questions.  If you haven’t read that yet, you can read it  here . Since many of our users approached us saying they are facing problems in handling interviews, we have started this series to help you In Handling interviews. This blog is a continuation of the previous blog where we shared with you the various questions that could possibly be asked during the HR round.  In this blog, we will try to shed light on the probable answers for these questions and give some tips on how to handle difficult questions and grab the attention of the interviewer with your answers. We would suggest every student & Job seeker who is facing rejections in interviews back to back to go through this blog. We are very much sure that this will help everyone to crack your interviews. Happy Reading!!   Introduction Good academic records and sound technical kno
Know more »