covid extensions income tax

Income Tax: ​Further Extension in Electronic Ffiling of 15CA/15CB

Income Tax

21.07.2021: The income tax department further extends the 15CA and 15CB timberline till 15th August 2021. The earlier timeline was given as 15th July 2021. However, the taxpayer could not make it on time due to difficulties faced on the new income tax filing portal.

According to the income tax ACT 1961, taxpayers are required to upload these forms electronically. Currently, the taxpayers upload the Form 15CA online, along with the Chartered Accountant Certificate in Form 15CB. This is being done before submitting the copy to the authorized dealer for any foreign remittance.

Thus, the taxpayers can now submit the said Forms in manual format to the authorized dealers till 15th August, 2021. On the other hand, the department has advised the authorized dealers to accept such Forms till 15thAugust, 2021 for the purpose of foreign remittances. Similarly, the department will provide the facility on the new e filing portal to upload these forms at a later date for the purpose of generation of the Document Identification Number.

Extensions on Income Tax Timelines

28.06.2021: On June 25, 2021, the ministry of finance issued a press release giving further extensions of various timelines of compliances. Also, it has announced tax exemption for expenditure on Covid treatment and ex-gratia received on death due to Covid. Here are the details of exemptions and extended timelines.

Tax Exemption

The government has provided income-tax exemption to the amount received by a taxpayer for medical treatment from employer or from any person for treatment of Covid-19 during FY 2019-20 and subsequent years.

Further, the income-tax exemption is provided to ex-gratia payment received by family members of a person from the employer of such person or from another person on the death of the person on account of Covid-19 during FY 2019-20 and subsequent years. Thus, the tax exemption shall be allowed without any limit for the amount received from the employer and the exemption shall be limited to Rs. 10 lakh in aggregate for the amount received from any other persons.

Timeline Extensions

1. Objections to Dispute Resolution Panel (DRP) and Assessing Officer under section 144C of the Income-tax Act, 1961 gets extension till 31st August 2021.

2. The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21 extends till 15th July 2021.

3. The Certificate of Tax Deducted at Source in Form No.16, can submitted till 31st July, 2021.

4. The Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64D for the Previous Year 2020-21, can be filled on or before 15th July 2021.

5. The Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64C for the Previous Year 2020-21, is now required to be filed on or before 31st July 2021.

6. The application under Section 10(23C), 12AB, 35(1)(ii)/(iia)/(iii) and 80G of the Act in Form No. 10A/ Form No.10AB, for registration/ provisional registration/ intimation/ approval/ provisional approval of Trusts/ Institutions/ Research Associations etc., is now required to be made on or before 31st August, 2021.

7. The compliance’s to be made by the taxpayers for the investments as listed below for the purpose of claiming any exemption under the provisions contained in Section 54 to 54GB of the Act gets further extension till 30th September 2021.

  • Deposit
  • payment
  • acquisition
  • purchase
  • construction or
  • such other action

8. The Quarterly Statement in Form No. 15CC to be filed by an authorized dealer in respect of remittances made for the quarter ending on 30th June 2021, can be now furnished till 31st July 2021.

9. The Equalization Levy Statement in Form No. 1 for the Financial Year 2020-21, can be now filed on or before 31st July 2021.

10. The Annual Statement required to be furnished under sub-section (5) of section 9A of the Act by the eligible investment fund in Form No. 3CEK for the Financial Year 2020-21, may be filed now till 31st July 2021.

11. Uploading of the declarations received from recipients in Form No. 15G/15H during the quarter ending 30th June 2021, maybe uploaded now till 31st August 2021.

12. Exercising of option to withdraw pending application which was filed before the erstwhile Income Tax Settlement Commission, under sub-section (1) of Section 245M of the Act in Form No. 34BB maybe now exercised on or before 31st July 2021.

13. Last date to link Aadhaar with PAN under section 139AA of the Act, which was earlier extended to 30th June 2021 is further extended till 30th September 2021.

14. The Last date to make payment of the amount under Vivad se Vishwas(without additional amount) which was earlier extended to 30th June 2021 is further extended to 31st August 2021.

15. The Last date for making payment of an amount under Vivad se Vishwas (with additional amount) has been notified as 31st October 2021

16. The new Time Limit for passing assessment order which was earlier extended to 30th June 2021 is now further extended till 30th September 2021.

17. The time Limit for passing penalty order which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021

18. The fresh time Limit for processing Equalisation Levy returns which was earlier extended to 30th June 2021 is further extended to 30th September 2021.

Central Govt. Extends Certain Taxation Timelines

24.04.2021: The Central Government extends certain timeliness in view of the ongoing Covid pandemic situation in the country. Earlier, by considering the lives of people, and in view of requests received from various taxpayers, tax consultants & other stakeholders, the government extended the timelines to 30th April 2021 by various notifications. Also, by considering timelines of the Direct Tax Vivad se Vishwas Act, 2020, maybe further extended, the Government has extended certain timelines today. Thus, the Central Government extends the time limits to 30th June 2021 in the following cases where the time limit was earlier extended to 30th, April 2021.

1. The Timeline for the passing of any order for assessment or reassessment under the Income-tax Act, 1961. The time limit for which is provided under section 153 or section 153B thereof;

2. The Timeline for passing an order consequent to the direction of DRP under sub-section (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 Equalization Levy under sub-section (1) of section 168 of the Finance Act 2016.

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

Mr. Patanjali, IRS: New Principal Chief Commissioner of Income Tax

10.08.2020: The Senior Indian Revenue Service Officer Shri. Patanjali has taken over as the Chief Commissioner of Mumbai’s Income Tax Department on August 10, 2020. Earlier, he was the Director-General of Income Tax (Investigation Wing) of Bangalore, Karnataka, Goa.

Mr. Patanjali is one of the senior officers in the department and he worked in Mumbai from May 1, 1997, to April 200, 1997. He has also worked in Bhopal, Indore, Bangalore, and Gwalior and has extensive experience in various vertical works in income. Tax departments like Administration, Investigation, Evaluation, and TDS. Holds a master’s degree in economics from the Delhi School of Economics.

Mr. Patanjali is fond of natural farming. He is the founder of ‘Wild Organic’, also an extensively acclaimed food forest initiative for ‘regenerative farming’ for almost two decades as an environmental remedy.

After his arrival and Q. CCIT, Mumbai, Mr. Patanjali was warmly welcomed by the officers and staff of the Mumbai Division.

CBDT Extends Income Tax Return Filing Further

30.07.2020: The Income Tax department extends the Income Tax Return filing Till 30.09.2020. This is pertaining to FY 2018-19(AY 2019-20). The government previously extended it till 31st July 2020.

The government has taken this in view of the constraints due to the COVID pandemic & to further ease compliances for taxpayers. This has reference to Notification in S.O. 2512(E) dt 29th July 2020. Read the below notification for more details.

income tax return 2018-19 extension notification

Income Tax Day : From 1860 To 2020, Celebrating 160 Years of trust!

24.07.2020:Today, the Income Tax Department is Celebrating the Income Tax Day. The department is striving continuously to enhance ease of compliance for taxpayers From 1860 – 2020. Here is the transforming video of showing 160 years of Taxpayers Trust on the Department.

I-T Dept. To Run 11 day e-Campaign on Voluntary Compliance

19.07.2020: The Central Board of Direct Taxes to start e-campaign on voluntary compliance of income tax for FY 2018-19 from 20th July, 2020. The campaign will be ending on 31st July, 2020 and will focus on taxpayers who are non-filers or have discrepancy/deficiency in their Returns for FY2018-19.

What is E-Campaign?

The Department will send email/SMS to identified taxpayers to verify information of their financial transactions available with Income Tax Department. Thus, the taxpayers can access details of high value transactions on designated portal & submit online response. Hence, no need to visit Income Tax Office.

Further, the Last date for filing as well as revising the ITR for AY 2019-20(FY 2018-19) is 31st July, 2020. Therefore, the taxpayers should not miss this opportunity & must avail this e-campaign for their own ease and benefit. Read the below press release for more details about this e-campaign.

image for income tax ecampaign

Form 26AS to carry Additional Details on Financial Transactions

18.07.2020: The Ministry of Finance says the new Form 26AS will be the faceless hand-holding of the taxpayers to e-file their income tax returns quickly and correctly. Thus, the taxpayers will see an improved Form 26AS from this Assessment Year. The Revised form will carry some additional details on taxpayers’ financial transactions as specified in the Statement of Financial Transactions (SFTs) in various categories. Read the below press release for more details.

image for revised form 26as

Income Dept. to Complete Tax Refund by 31st August 2020

17.07.2020: The Refunds worth Rs. 71,229 crore have been issued by CBDT in more than 21.24 lakh cases up to 11th July 2020. This is to help taxpayers with liquidity in COVID days. Further, the departments have emphasized to cleanyp all pending tax refunds by 31st August 2020. Similarly, it is reiterated that taxpayers should provide a quick responses to the emails sent by the IT department to process these refunds quickly. Here is the press release with more details.

image for income tax refunds press release

IT Dept. Carries Searches at 20 Places in Jaipur, Kota, Delhi & Mumbai

15.07.2020: The Income Tax Department of India carries out search and survey operations on three groups on 13.07.2020. These operations are being carried out at 20 premises in Jaipur, 6 in Kota, 8 in Delhi and 9 in Mumbai. Here is the detailed report.

income tax raids pictures

Govt. Provides One Time Relaxation for verification of IT Returns

13.07.2020: The Central Board of Direct Taxes provides one-time relaxation for verification of electronically filed IT Returns. This is for Assessment Years 2015-16, 2016-17, 2017-18 , 2018-19 & 2019-20. However, it is applicable only for returns which were pending due to non-filing of ITR-V form & processing of such returns. Thus, the taxpayers need to verify such returns latest by 30th September 2020. This has reference to CBDT Circular No.13/2020 dt. 13th July,2020 issued as below:

income tax return verification circular
income tax return verification circular page 2

The Government Clarifies: No Extension of current Financial Year

31.03.2020: The ministry of Finance clarifies that there is no extension to the current Financial Year. Similarly, the central board of Indirect Taxes and customs also, stated that there is no extension has been given to the extension. Here are the official tweets from CBIC and Income Tax.

Income Tax grants relaxation in Conditions for Form-1 and Form-4

09.01.2020: The CBDT waives eligibility conditions for filing Income Tax Return Form-1 (Sahaj) and Form-4 (Sugam) for the assessment year 2020-21.

Therefore, it has been decided to allow a person, who jointly owns the property of the same house, to file a return of his income in ITR-1 or ITR-4 form, if He/she fulfills other conditions.

It has also been decided that a person, who is required to file his return in the ITR-1 form due to fulfillment of one or more of the conditions specified in the Seventh Proviso in Section 139 (1) of the Act, is required. Read the complete press release below.

income tax latest form 1 and form 4 update

Rs. 1000 crore Reveals in Income Tax searches

30.10.2019: The income tax department is suspected to be Rs. 1000 crore illegal transactions involved in a recently conducted search. This is in relation to the searches conducted on a prominent business group in Delhi.

The above business group is the business of various e-governance projects and financial services. It has many branches across India and even in Dubai.

The income tax department collected various evidence which establishes large scale tax evasions, hawala and money laundering transactions. Read the below complete press release by I.T.

image for income tax raid in delhi

Rs. 43.90 crore unaccounted cash Seized By I.T

18.10.2019: On 16.10.2019, the income tax department seized Rs. 43.90 Crore cash from Wellness Group Chennai. The IT department conducted search actions as per the Income tax act 1961.

The search process in still in progress and until now 40 premises are covered in Chennai, Hyderabad, Bengaluru, and Varadaiahpalem. Click to read more details.

Income Tax Raid In Goa and Tamil Nadu

13.10..2019: The income tax department conducts the searches at 6 premises in Goa on 10th October 2019. This is in connection with the 2 groups involved in the sale and purchases of hotel resorts in Goa.

The income tax department seized undisclosed assets worth Rs. 4.39 crore. It includes Rs. 2.55 crore and jewelry worth Rs. 1.84 crore. Thus, the group has disclosed a total amount of rs. 124. 41 core. However, they agreed to pay taxes immediately on this undisclosed income.

On the other hand, the income tax department conducted more searches on coaching institutes at Namakkal in Tamil Nadu on 11th October 2019. The group is running educational institutes, and coaching institutes for competitive exams like NEET, etc.

The search was taken place at 17 premises including the residential premises of the promoters. The IT department has seized cash worth Rs. 30 crore. Thus, as of now the total estimate of undisclosed income is calculated more than Rs. 150 core. The search process is still in process. Also, it is found that high priced faculty are hired and employed in the coaching institutes that are paid outside the books of account.

Finance Minister to inaugurate National e-Assessment Centre

07.10.2019: The FM is inaugurating the National e-Assessment Centre of Income Tax Department today in Delhi. Thus, it introduce a faceless e-assessment in Income Tax Department.

It is said that the new initiative will provide greater efficiency, transparency, and accountability in the evaluation process.

What are the benefits of New system of Income Tax?

According to the new system, taxpayers have received notices with real-time alerts via SMS on their registered mobile numbers. Also, on their registered email as well as on registered accounts on the web portal www.incometaxindiaefiling.gov.in, with the issues mentioned. Their cases have been selected for scrutiny.

Now, the notices can be easily generated by the taxpayers at their own residence or office and can be sent to the National E-Assessment Center by uploading them via email to the designated web portal. This is another initiative by CBDT to facilitate compliance for our taxpayers.

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