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Centre extends deadline for submission of several tax compliances amid COVID-19 surge

To help ease the hardship being faced by several stakeholders due to the current COVID-19 crisis in the country in the wake of the second wave of the pandemic, the Government of India on May 20 extended the timelines for certain compliances.

May 20, 2021 / 07:35 PM IST
Central government has extended timeline for certain complainces

Central government has extended timeline for certain complainces


To help ease the hardship being faced by several stakeholders due to the current COVID-19 crisis in the country in the wake of the second wave of the pandemic, the Government of India on May 20 extended the timelines for certain compliances.

The deadline extensions have been granted under the Income-tax Act, 1961 in the following cases:

  1. The Statement of Financial Transactions (SFT) for the Financial Year 2020-21, required to be furnished on or before May 31, 2021, under Rule 114E of the Income Tax Rules, 1962, and various notifications issued thereunder, may be furnished on or before June 30, 2021.

  2. The Statement of Reportable Account for the calendar year 2020, required to be furnished on or before May 31, 2021, under Rule 114G of the IT Rules, may be furnished on or before June 30, 2021.

  3. The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21, required to be furnished on or before May 31, 2021, under Rule 31A of the IT Rules, may be furnished on or before June 30, 2021.

  4. The Certificate of Tax Deducted at Source in Form No 16, required to be furnished to the employee by June 15, 2021, under Rule 31 of the IT Rules, may be furnished on or before July 15, 2021.

  5. The TDS/TCS Book Adjustment Statement in Form No 24G for the month of May 2021, required to be furnished on or before June 15, 2021, under Rule 30 and Rule 37CA of the IT Rules, may be furnished on or before June 30, 2021.

  6. The Statement of Deduction of Tax from contributions paid by the trustees of an approved superannuation fund for the Financial Year 2020-21, required to be sent on or before May 31, 2021, under Rule 33 of the Rules, may be sent on or before June 30, 2021.

  7. The Statement of Income paid or credited by an investment fund to its unit holder in Form No 64D for the Previous Year 2020-21, required to be furnished on or before June 15, 2021, under Rule 12CB of the IT Rules, may be furnished on or before June 30, 2021.

  8. The Statement of Income paid or credited by an investment fund to its unit holder in Form No 64C for the Previous Year 2020-21, required to be furnished on or before June 30, 2021, under Rule 12CB of the Rules, may be furnished on or before July 15, 2021.

  9. The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is July 31, 2021, under sub-section (1) of section 139 of the Act, has been extended to September 30, 2021.

  10. The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which is September 30, 2021, is extended to October 31, 2021.

  11. The due date of furnishing report from an Accountant by persons entering into an international transaction or specified domestic transaction under section 92E of the Act for the Previous Year 2020-21, which is October 31, 2021, has been extended to November 30, 2021.

  12. The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is October 31, 2021, under sub-section (1) of section 139 of the Act, has been extended to November 30, 2021.

  13. The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is November 30, 2021, under sub-section (1) of section 139 of the Act, has been extended to December 31, 2021.

  14. The due date of furnishing of belated/revised Return of Income for the Assessment Year 2021-22, which is December 31, 2021, under sub-section (4)/sub-section (5) of section 139 of the Act, has been extended to January 31, 2022.

Notably, the Centre has clarified that the extension of the dates as referred to in clauses (9), (12), and (13) shall not apply to Explanation 1 to section 234A of the Act, in cases where the amount of tax on the total income as reduced by the amount as specified in clauses (1) to (6) of sub-section (1) of that section exceeds rupees one lakh.

Further, in the case of an individual resident in India referred to in sub-section (2) of section 207 of the Act, the tax paid by him under section 140A of the Act within the due date (without extension) provided in that Act, shall be deemed to be the advance tax.

 
Moneycontrol News
first published: May 20, 2021 07:35 pm

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