Numerous important changes will come into effect for the taxpayers in June 2021. A no. of due dates for payment of taxes has been extended to June 30 which was ending on 31st May and some of the tax payment activities will not be able to process because of the ending of due dates i.e 31st May.
Income Tax comes up with these changes to ease the compliance for taxpayers.
Changes applicable from June 1 are:
1. One of the major changes for taxpayers is that they will not be able to use the income tax website(e-filing) for at least 6 days starting from June 1, as a new website for filing tax returns will be launched on June 7. As a New Income tax portal will be user friendly, simple and easy to operate for everyone.
2. Taxpayers can’t be able to file revised or belated Income Tax Returns for Financial Year 2019-20 from June 1 (2021) as the due date is 31st May (amid covid-19 Central government has already extended the due date to 31st May earlier).
3. The last date of filing the State of Financial Transactions u/s 285BA and State of reportable account is extended to 30th June earlier, it was 31st May.
4. Taxpayers should note down that the last date for submission of Tax Deduction at Source statement for the fourth quarter(Q4) of Financial Year 2020-21 is now 30th June, earlier it was 31st May.
5. The state lender Bank of Baroda will adopt new cheques payment restrictions for its customer on June 1. According to which customers of Bank of Baroda will have to furnish ‘positive pay confirmation’ over ₹ 2 lakhs. This step is generally taken to avoid and reduce the frauds of payments done via cheques.
6. Due date for filing and complaint to DRP i.e dispute resolution panel for resolving disputes related to transfer pricing is to be ended on 31st May.
7. Options to choose New tax regime instead of Old tax regime will be given to taxpayers.
8. The retirement body has earlier only asked users to link PF(Provident Fund) accounts to Aadhar card by June else will face troubles later on in crediting their EPF(Employees Provident Funds) contributions