RBKK & Associates

20/05/2021

Check the new Income Tax filing deadlines for FY 2020-21 (AY 2021-22):
1) For regular taxpayers, the due date of of furnishing return of income for the Assessment Year 2021-22 has been extended to September 30 from July 31, 2021.
2) Audit Assessees will have time till November 30 to file the income tax return. Earlier the date was October 31.
3) Due date of furnishing Tax Audit Report extended to October 31 from September 30, the CBDT said in a statement.
4) Due date of filing belated/revised return of income extended to January 31, 2022 from December 31, 2021.
5) Due date of Transfer Pricing Study Report extended to November 30
6) SFT Due date extended to June 30, 2021 from May 31, 2021
7) Statement of Reportable Account - extended to June 30 from May 31
8)TDS Statement for fourth quarter of FY 2020-21 extended to June 30. Earlier the last date of filing TDS was May 31.
9)The last date of issuing Form 16 has been extended by a month to July 15. It was June 15 earlier.

29/07/2020

CBDT extends the due dt for filing of Income Tax Returns for FY 2018-19(AY 2019-20) from 31st July, 2020 to 30th September, 2020,vide Notification in S.O. 2512(E) dt 29th July, 2020.

24/06/2020

In a relief to tax payers, the Central government today extended the deadline for filing income-tax returns (ITR) for the 2018-19 fiscal by a month till July 31, 2020. The Centre has also extended the time limit for linking Aadhaar card with PAN card till March 31, 2021. In the wake of coronavirus pandemic, the Central government earlier extended the deadline for filing income tax returns (ITR) for FY2019-20 to November 30, 2020.
The Central Board of Direct Taxes (CBDT) through a notification also extended the time limit for making various investments for claiming deductions under the I-T Act for the 2019-20 fiscal by a month till July 31, 2020.

Here are the latest deadlines:
1) The time for filing of original as well as revised income-tax returns for the FY 2018-19 (AY 2019-20) has been extended to 31st July, 2020

2) Due date for income tax return for the FY 2019-20 (AY 2020-21) has been extended to 30th November, 2020. Hence, the returns of income which are required to be filed by 31st July, 2020 and 31st October, 2020 can be filed upto 30th November, 2020. Consequently, the date for furnishing tax audit report has also been extended to 31st October, 2020.

3) In order to provide relief to small and middle class taxpayers, the date for payment of self-assessment tax in the case of a taxpayer whose self-assessment tax liability is up to ₹1 lakh has also been extended to 30th November, 2020. However, it is clarified that there will be no extension of date for the payment of self-assessment tax for the taxpayers having self-assessment tax liability exceeding Rs. 1 lakh. In this case, the whole of the self-assessment tax shall be payable by the due dates specified in the Income-tax Act, 1961 (IT Act) and delayed payment would attract interest under section 234A of the IT Act.

4) The date for making various investment/ payment for claiming deduction under Chapter-VIA-B of the IT Act which includes section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations) etc has also been further extended to 31st July, 2020. Hence the investment/ payment can be made upto 31st July, 2020 for claiming the deduction under these sections for FY 2019-20.

5) The date for making investment/ construction/ purchase for claiming roll over benefit/ deduction in respect of capital gains under sections 54 to 54GB of the IT Act has also been further extended to 30th September, 2020. Therefore, the investment/ construction/ purchase made up to 30th September, 2020 shall be eligible for claiming deduction from capital gains.

6) The date for commencement of operation for the SEZ units for claiming deduction under section 10AA of the IT Act has also been further extended to 30th September, 2020 for the units which received necessary approval by 31st March, 2020.

7) The furnishing of the TDS/ TCS statements and issuance of TDS/ TCS certificates being the prerequisite for enabling the taxpayers to prepare their return of income for FY 2019-20, the date for furnishing of TDS/ TCS statements and issuance of TDS/ TCS certificates pertaining to the FY 2019-20 has been extended to 31st July, 2020 and 15th August, 2020 respectively.

8)The date for passing of order or issuance of notice by the authorities and various compliances under various Direct Taxes & Benami Law which are required to be passed/ issued/ made by 31st December, 2020 has been extended to 31st March, 2021. Consequently, the date for linking of Aadhaar with PAN would also be extended to 31st March, 2021.

9) The reduced rate of interest of 9% for delayed payments of taxes, levies etc. specified in the Ordinance shall not be applicable for the payments made after 30th June, 2020.

10) The central government earlier slashed TDS/TCS rate for non-salary payments to residents by 25 per cent for the remaining months of the fiscal and extended the due date for filing income tax returns for 2019-20 till November 30, 2020.

05/06/2020

ITR 1 & ITR 4 for FY 2019-20 available for e-filing on Income Tax Portal

31/05/2020

Changes in ITR forms for FY 2019-20 or AY 2020-21

The income tax department has made several changes in the new ITR forms.The last date for filing of income tax returns has been extended to November 30

30/05/2020

The Income Tax Department has notified the Income tax forms i.e. ITR 1 to ITR 7 for AY 2020-21.

29/05/2020

REVISED FORM 26AS

Form 26AS is an annual consolidated tax statement that can be accessed from the income-tax website by taxpayers using their Permanent Account Number (PAN). The revamped Form 26AS will now come into effect from June 1, the Central Board of Direct Taxes (CBDT) said.

17/05/2020

Last date for filing of ITR for FY 2018-19 is 30th June, 2020. Hurry up fast for filing.
Last date for availing 80C deduction for FY 2018-19 is 30th June, 2020. For filing and to avail 80c deduction contact us

17/05/2020

Charitable trusts and exempt institution which are already registered under section 12A or section 12AA of Income Tax Act, 1961 will now be required to reapply online for registration and approval by August 31, 2020. Provisions of registration under section 12AA or section 12A will become redundant from 01st June 2020 and a new section 12AB will come into force with effect from 01st June 2020. All the existing registered trusts under the erstwhile section 12A or section 12AA would move to new provision section 12AB.

Similarly, charitable trusts and exempt institutions which already have Section 80G certificate will now be required to reapply online for registration or approval by August 31, 2020. The registration shall remain valid for 5 years.

The new compliances under the mentioned section were made applicable from June 1, 2020 and should have been completed by August 31, 2020. From the released information by way of tweet, the new date of compliances shall begin on October 1, 2020 and shall continue till December 31, 2020.

16/05/2020

No change in the due date of payment of TDS and TCS for the month of March, 2020 in response to Covid -19. Only Interest reduced to 9% P.A in case of delayed payment.

14/05/2020

PMT-09 IN GST

The CBIC has recently introduced Form PMT-09 for transfer of amount from one head to another head. This enables a registered taxpayer to transfer any amount of tax, interest, penalty, etc. that is available in the electronic cash ledger, to the appropriate tax or cess head under IGST, CGST and SGST in the electronic cash ledger.

Hence, if a taxpayer has wrongly paid CGST instead of SGST, he can now rectify the same using Form PMT-09 by reallocating the amount from the CGST head to the SGST head.