There is news of relief for those who have been unable to file their Income Tax Return (ITR) of the assessment year 2020-2, due to the advent of the coronavirus epidemic. In lieu of that, the government has decided to extend its deadline. The Central Board of Direct Taxes (CBDT) has stated that those who have not filed their late or revised returns can now do so till 31st May, 2021. In the past, the last date was set as 31st March, 2021.
The presence of the second wave of the coronavirus epidemic had started in the country from the beginning of February, 2021. Since the second wave had struck, several restrictions such as lockdowns and night curfews have been implemented in many states by the central government. Due to that, people have not been able to file their ITR for assessment year 2020-21. Subsequently, taxpayers, tax advisors and other stakeholders across the country had requested CBDT to extend the deadline for filing ITR.
In view of the demand to extend the deadline, the CBDT has done so and has shifted the deadline till 31st May, 2021. The CBDT said, “The deadline is being pushed forward given the worsening conditions that have arisen due to the coronavirus epidemic and the demands of taxpayers, tax advisors and other stakeholders across the country.”
The notice issued by the CBDT states that delayed returns under sub-section (4) of section 139 of the Income Tax Act and revised returns under sub-section (5) for assessment year 2020-21 till March 31, 2021 which had to be filled can now be done by May 31, 2021. Similarly, any person can file an appeal before the Commissioner till 31st May regarding the income tax. Earlier, the date was till 30th April.
Similarly, the CBDT has also extended the date of filling the ITR from April 1, 2021 to May 31, 2021 in response to the notice under Section 148 of the Income Tax Act. The last date of objections of the Dispute Resolution Panel has also been increased from April 1st to May 31st, 2021. Apart from that, the date of filing of objection to dismiss the DRP under section 144C has also been extended till 31st May.
The CBDT has also extended the tax deduction to be filed by April 30th and the date of statement or invoice till May 31st under sections 194-IA, 194-IB and 194M. In addition, the revised ITR filing deadline for the financial year 2019-20 has also been increased from 31st March 2021 to 31st May. Shailesh Kumar, LLP partner of Nangia & Company, said that these exemptions would necessarily bring huge relief to the taxpayers of the country.
