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Important Key Changes & Latest Updates for Taxpayers of June 2021

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Income Tax Commitments of June 2021

This June has come with a lot of surprises and consequent responsibilities for both taxpayers and caretaker of the State’s exchequer i.e. Government. The Central Government, yesterday, has made many paramount declarations in the wake of the second covid pandemic.

  • The last date for filing late or revised income tax returns for the financial year 2019-20 has lapsed. It was May 31, 2021
  • E-filing portal 2.0: The Income tax department is rejuvenating and revamping the ITR e-filing web portal. And a new portal with additional attributes shall be available from June 7. An Individual can check the details on the below-mentioned link. 
  • https://incometax.gov.in  rather than https://incometaxindiaefiling.gov.in 
  • However, e-Filing services shall be unavailable from June 1 to June 6, 2021.
  • The last date of filing State of Financial Transaction as per  Section 285BA has been extended till June 30. Earlier it was May 31.
  • The last date for submitting the statement of reportable account has been extended to June 30, 2021 from the earlier date of  May 31, 2021.
  • The last date for submitting the Tax Deducted at Source Statement for Quarter 4 of the Financial Year  2020-21 is now June 30,  2021, which was previously 31st May 2021.
  • From June 1 onwards, the Bank of Baroda shall make “Positive Pay confirmation" mandatory for its customers for making cheque payment.
  • As per the Positive Pay system, the customer shall have to confirm again if payment of more than Rs 2 lakh has been made through cheque. If he/she does not follow the aforesaid guidelines, then the transaction shall be automatically cancelled.
  • It is necessary for the provident fund account holders to link their Aadhaar Card by June 1. And consequently, It is the responsibility of the employer to ask the employees to authenticate and verify their PF account. In essence, the PF account holders may have to face troubles, if their account has not been linked with Aadhaar by June 1.

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