The Income Tax Department (also referred to as IT Department or ITD) is a government agency undertaking direct tax collection of the Government of India. It functions under the Department of Revenue of the Ministry of Finance. The Income Tax Department is headed by the apex body Central Board of Direct Taxes (CBDT) and it has issued a circular regarding the extended last dates in this year for the taxpayers in order to provide relief to the honest taxpayers.
We all are aware of the second wave of coronavirus spreading at a fast pace all over the country with an increased number of deaths as compared to the first wave of the virus. Hence looking into the present pandemic situation, the government has taken the decision of extending the last dates for filing income tax returns and other such decisions. The date has been extended by 2 months for filing income tax returns instead of 31st July it has now extended for 30th September. And for filing Tax Deducted at Source return (TDS), it is now June 30th, 2021.
Which are the important dates that one should take care of before filing the taxes for the Financial Year 2019/20?
Some important dates as per the Income Tax department which the taxpayers must and should note it is as follows:
- 7th June 2021: On this day, the Income Tax department is launching its new website which is incometax.gov.in. This new website of IT department is more user- and mobile-friendly. The new website also has an app for mobiles with newer features wherein taxpayers can download its app and file their income tax returns through the phone itself. The due date is on this day for the deposit amount of tax deducted or collected for the month of May 2021. On this day itself, the amount collected by a government office should be paid to the credit of the central government for the tax paid without issuing Income Tax Challan. The last date for issuing TDS certificates for tax deducted is now 14th June which was April, earlier.
- 15th June 2021: Those who have paid TDS/ TCS for the month of May but have not been issued with Income Tax Challan, for them the date has been extended and it should be submitted by June 15th.
- 29th June 2021: transactions have taken place by an investment fund during the financial year 2020 -21, then the statement of the same will have to be filed by 29th of June 2021.
- 30th June 2021: On this day, since it is the last day of June month, there are many deadlines to be met by the taxpayers which are to be noted. For filing returns of the Security Transaction Tax for the financial year 2020- 21 June, 30th is the last date or the due date. On this day itself, challan- cum- statement for tax deducted in the month of May should be submitted since 30/ 6/ 2021 is the given due date. Statement of reportable account for the previous financial year, filing the statement of deduction of tax for last quarter, TDS/ TCS book adjustment statement, and financial institutions to file Statement of Financial Transaction (SFT), all these have to be done by June 30th, 2021.
The country is going through a difficult time and the government needs maximum support from its citizens. Not only one should wear a mask and sanitize regularly, but they also have to complete their duty by paying the taxes. If not paid in time, they are set to attract huge fines from the authority/