11 key June 2021 changes and updates taxpayers should know today

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Updated: May 31, 2021 3:53 PM

May 31, 2021 is the last date of filing late or revised ITR for FY 2019-20.

income taxIncome Tax. Representational image

Several important changes will come into effect for taxpayers in June 2021. A number of due dates are also ending today (May 31). Taxpayers will not be able to complete those activities in June for which due dates are ending today. Here’s a list of 11 important changes and updates for June 2021 taxpayers should know.

1. Last date for revised ITR: You cannot 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 after receiving several requests from stakeholders seeking 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 before the Commissioner.

4. e-filing portal 2.0: The Income tax department is revamping the ITR e-filing website. A new look e-filing website would become operational from June 7. Check details of the new e-filing portal here. The new e-filing portal https://incometax.gov.in will be launched on 7th June 2021 replacing the existing 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 under 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 rules: From June 1, Bank of Baroda will make Positive Pay confirmation mandatory for its customers for cheque payment.

10. Under the Positive Pay system, the customer has to confirm again if payment of more than Rs 2 lakh is made through cheque. If the customer fails to do so, then the transaction is cancelled.

11. PF-Aadhaar link: PF account holders have to link their Aadhaar by June 1. It is the responsibility of the employer to ask the employees to verify their PF account. PF account holders may face troubles, if their account is not linked with Aadhaar by June 1.

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