Extension of Income Tax timelines due to Covid 19 second wave

The Income Tax department recently extended certain timelines to ease the burden off taxpayers amid Covid-19 second wave. “In view of the severe Covid-19 pandemic raging unabated across the country affecting the lives of our people, and in view of requests received from taxpayers, tax consultants & other stakeholders that various time barring dates, which were earlier extended to 30th April, 2021 by various notifications, as well as under the Direct Tax Vivad se Vishwas Act, 2020, maybe further extended, the Government has extended certain timelines…,” the Central Board of Direct Taxes had said in a statement. The Tax Department has also extended the timeline for Income Tax Returns (ITR) filing for FY 2019-2020. Now, last year ITR can be filed by May 31st.

Here’s a full list of new timelines taxpayers should know-

Belated returns can now be filed till May 31.

“Filing of belated return under sub-section (4) and revised return under sub-section (5) of Section 139 of the Income-tax Act,1961 for Assessment Year 2020-21, which was required to be filed on or before 31 ” March 2021, may be filed on or before 31″ May 2021,” the CBDT said.

TDS payment under Section 194-IA, Section 194-IB and Section 194M of the Income-tax Act, 1961 and filing of challan-cum-statement for such tax deducted, which are required to be paid and furnished by 30th April 2021, can now be done and furnished on or before 31st May 2021.

The ITR in response to notice under Section 148 of the Income-tax Act, 1961, for which the last date of filing 1st April 2021 or thereafter, may now be filed within the time allowed under that notice or by 31st May 2021, whichever is later, the CBDT said.

The CBDT said that the statement in Form No. 61, containing particulars of declarations received in Form No.60, which is due to be furnished on or before 30th April 2021 , may be furnished on or before 31st May 2021.

Filing of Appeal to Commissioner (Appeals) under Chapter XX of the Income-tax Act, 1961 may be done within the time provided under that Section or by 31st May 2021 , whichever is later, the CBDT said. Also, objections to the Dispute Resolution Panel (DRP) under Section 144C of the Income-tax Act, 1961 may
be filed within the time provided under that Section or by 31st May 2021 , whichever is later.

It has been decided that time for payment of amount payable under the Direct Tax Vivad se Vishwas Act, 2020, without an additional amount, shall be further extended to 30th June, 2021.

The Central Government has extended time limits to 30th June, 2021 in the following cases where the time limit was earlier extended to 30th, April 2021:

1. Time limit for passing of any order for assessment or reassessment under the Income-tax Act, 1961(hereinafter called ‘the Act’ ) the time limit for which is provided under section 153 or section 153B
2. Time limit for passing an order consequent to direction of DRP under subsection (13) of section 144C of the Act;
3. Time limit for issuance of notice under section 148 of the Act for reopening the assessment where income has escaped assessment
4. Time Limit for sending intimation of processing of Equalisation Levy under sub-section (1) of section 168 of the Finance Act 2016.