Date for issue of notice under section 148 of Income-tax Act, 1961, passing of consequential order for direction issued by the Dispute Resolution Panel (DRP) & processing of equalisation levy statements also extended to 30th April, 2021.

Central Government extends the last date for linking of Aadhaar number with PAN from 31st March, 2021 to 30th June, 2021

Income Tax Portal Down on Last date of Filling ITR For FY 2019-20

31st of March 2021 is the Last date of Filling Belated or Revised Income Tax Return [ITR] For FY 2019-20 and Income Tax Portal is not properly working.

Taxpayers are facing huge trouble because of this.

This year has seen an increase in the revision of a large number of ITRs. The reason for the same is the High-Value Transaction Campaign of the Income Tax Department.

High-Value transactions are transactions of high monetary value. They are reported to Income Tax Department when Form 61A or commonly called Statement of Financial Transaction is filed by various entities like banks, post offices, companies, etc.

Why these kinds of Transactions are reported?

The transactions that are not in line with the profile of taxpayers are required to be reported.

• Non-Filing of ITR: You have a transaction on which TDS has been deducted, but ITR has not been filed. Or you are having potential Tax Liability is you have not filed ITR.
• Tax Evasion: There is a transaction on which the taxpayer is having potential Tax Liability and that transaction is not disclosed in ITR.

HOW TO GIVE REPLY OF INTIMATION OF HIGH-VALUE INFORMATION ON INCOME TAX COMPLIANCE PORTAL

Late Fees on Non-Filing of ITR

• For Income Less than Rs. 500000 – Rs. 1000
• Others – Rs. 10000

However, No Late fees is applicable in case of Revision of ITR.