Due to the Covid-19 pandemic intensely spreading unhindered across the world, affecting the lives of our citizens, and in light of service requests from citizens, tax experts, as well as other investors, various time barrier dates, which had previously been extended to 30th April 2021 is now again increased. So, it’s a good decision for ITR filing. Therefore, In this article we will read about ITR Revise / Belated return due date extended detail, and we will also look at the benefits of ITR filing.
ITR Revise / Belated return due date extended
The government has announced the notification regarding the extended timelines for various income tax compliances, including the filing of belated or revised return for the 2019-20 fiscal, till May 31. The Central Board of Direct Taxes (CBDT) said it had received representations from various stakeholders for relaxation on compliance requirements.
In view of the adverse circumstances occurring due to the severe COVID-19 pandemic and also in view of the various requests received from taxpayers, tax consultants & other stakeholders from across the country, requesting that various compliance dates may be relaxed, the Government has extended certain timelines also.
Filing of belated return under sub-section (4) and revised return under sub-section (5) of Section 139 of the Act, for Assessment Year 2020-21, which was required to be filed on or before March 31, 2021, maybe filed on or before May 31, 2021, the CBDT said.
Further Notification by CBDT
- Income-tax return in response to notice under Section 148 of the Act, for which the last date of filing of return of income under the statement notice is April 1, 2021, or thereafter, may be filed within the time enabled under that notice or May 31, 2021, whichever is later.
- Also, the due date for filing objections to Dispute Resolution Panel (DRP) and filing appeals to the commissioner has also extended till May 31.
- The government has provided relaxation to income taxpayers for various compliances till May 31, 2021.
- Even the timeline for filing belated/ revised ITR for FY 2019-20, which expired on March 31, 2021, has been revised and now taxpayers will be equipped to e-file their ITRs or revise the same by May 31, 2021.
Vivad se Vishwas Extended
The government has extended the deadline for making payments under the Direct Tax Vivad Se Vishwas dispute resolution scheme and some compliances under the Income Tax Act by two months till June 30, in light of the second wave of Covid-19 raging across India. According to the last time frame, those who had applied to settle their tax disputes under the Direct Tax Vivad Se Vishwas Act were compelled to pay the settled tax amount by April 30.
Benefits of ITR Filing
There are unlimited benefits of ITR filing. Some of the most significant ones are as follows.
- Avoid a fine of up to INR Ten Thousand Rupees: Return of failing to file an ITR by the due date results in a mandatory penalty of Five Thousand Rupees. These fine increases in some cases upto to Ten Thousand Rupees.
- If your client or employer deducts TDS from your bill, you can get tax refunds. So, it provides TDS credit. Plus, you receive a refund of additional TDS deducted from your net tax liability.
- Ease of Obtaining Loans – When a bank or financial institution approves a loan, it requires an income tax return. Your financial reputation reflects in your income tax return. Therefore, ITR filing makes it easier to obtain a loan.
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