Several essential alterations will come into impact for taxpayers in June 2021. A quantity of due dates are also ending today (May 31). Taxpayers will not be in a position to total these activities in June for which due dates are ending today. Here’s a list of 11 essential alterations and updates for June 2021 taxpayers must know.
1. Last date for revised ITR: You can not file revised or belated ITR for FY 2019-20 from June 1 as the due date is May 31.
2. May 31, 2021 is the last date of filing late or revised ITR for FY 2019-20. The government had extended the date to May 31 amid the Covid-19 pandemic right after getting quite a few requests from stakeholders looking for relaxation in tax compliances. Earlier, the due date was march 31.
3. Last date for objections to DRP and appeals: May 31 is also the last date for filing objections to the Dispute Resolution Panel (DRP) and filing an appeal prior to the Commissioner.
4. e-filing portal 2.: The Income tax division is revamping the ITR e-filing web-site. A new look e-filing web-site would turn out to be operational from June 7. Check particulars of the new e-filing portal right here. The new e-filing portal https://incometax.gov.in will be launched on 7th June 2021 replacing the current portal of the Department https://incometaxindiaefiling.gov.in.
5. E- Filing services will be unavailable from 1st – 6th June’21.
6. SFT due date: The last date of filing State of Financial Transaction below Section 285BA is June 30. Earlier it was May 31.
7. Statement of Reportable Account due date: The last date for statement of reportable account has been extended to 30th June, 2021. Earlier it was 31st May.
8. TDS statement last date: The last date for submitting TDS Statement for Q4 of FY 2020-21 is now 30th June, 2021. Earlier it was 31st May, 2021.
9. Bank of Baroda cheque payment new guidelines: From June 1, Bank of Baroda will make Positive Pay confirmation mandatory for its consumers for cheque payment.
10. Under the Positive Pay program, the client has to confirm once more if payment of more than Rs 2 lakh is made by means of cheque. If the client fails to do so, then the transaction is cancelled.
11. PF-Aadhaar hyperlink: PF account holders have to hyperlink their Aadhaar by June 1. It is the duty of the employer to ask the workers to confirm their PF account. PF account holders may perhaps face troubles, if their account is not linked with Aadhaar by June 1.