Money

11 key June 2021 changes and updates taxpayers should know today

Income Tax. Representational picture

Several vital changes will come into impact for taxpayers in June 2021. Quite a few due dates are additionally ending today (May 31). Taxpayers will be unable to finish these actions in June for which due dates are ending today. Here’s a listing of 11 vital changes and updates for June 2021 taxpayers should know.

1. Last date for revised ITR: You can not file revised or belated ITR for FY 2019-20 from June 1 because the due date is May 31.

2. May 31, 2021 is the final date of submitting late or revised ITR for FY 2019-20. The authorities had prolonged the date to May 31 amid the Covid-19 pandemic after receiving a number of requests from stakeholders looking for rest in tax compliances. Earlier, the due date was march 31.

3. Last date for objections to DRP and appeals: May 31 can be the final date for submitting objections to the Dispute Resolution Panel (DRP) and submitting an attraction earlier than the Commissioner.

4. e-filing portal 2.0: The Income tax division is revamping the ITR e-filing web site. A brand new look e-filing web site would grow to be operational from June 7. Check particulars of the brand new e-filing portal right here. The new e-filing portal https://incometax.gov.in might be launched on seventh June 2021 changing the present portal of the Department https://incometaxindiaefiling.gov.in.

5. E- Filing providers might be unavailable from 1st – sixth June’21.

6. SFT due date: The final date of submitting State of Financial Transaction beneath Section 285BA is June 30. Earlier it was May 31.

7. Statement of Reportable Account due date: The final date for assertion of reportable account has been prolonged to thirtieth June, 2021. Earlier it was thirty first May.

8. TDS assertion final date: The final date for submitting TDS Statement for This autumn of FY 2020-21 is now thirtieth June, 2021. Earlier it was thirty first May, 2021.

9. Bank of Baroda cheque cost new guidelines: From June 1, Bank of Baroda will make Positive Pay affirmation obligatory for its prospects for cheque cost.

10. Under the Positive Pay system, the client has to verify once more if cost of greater than Rs 2 lakh is made by cheque. If the client fails to take action, then the transaction is cancelled.

11. PF-Aadhaar hyperlink: PF account holders must 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 might face troubles, if their account is just not linked with Aadhaar by June 1.

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