Govt Extends filing deadlines of ITR,  TDS Statment, Tax Audit and other Compliances.

Govt Extends filing deadlines of ITR, TDS Statment, Tax Audit and other Compliances.

In a major relief to the taxpayers, The CBDT on Thursday has issued circular No 9 of 2021 under section 119 of the Income Tax Act 1961, Providing extended time limits for certain compliances.

CBDT said time limits of various compliances is extended to provide relief to taxpayers in view of the severe pandemic.

Time Limits for the following 14 compliances has been extended.

  1. The due date of furnishing of Return of Income for the Assessment Year 2021-22, is extended From 31 July 2021to 30th September 2021.
  2. The due date of furnishing of Report of Audit for the Previous Year 2020-21, is extended from 30th September 2021 to 31st October 2021.
  3. The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21, can be furnished on or before 30th June 2021.
  4. The Certificate of Tax Deducted at Source in Form No 16, can be furnished on or before 15th July 2021.
  5. The due date of the furnishing Report under section 92E of the Act for the Previous Year 2020-21, is extended from 31st October 2021 to 30th November 2021.
  6. The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st October 2021 under sub-section (1) of section 139 of the Act, is extended to 30th November 2021.
  7. The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 30th November 2021 under sub-section (1) of section 139 of the Act, is extended to 31st December 2021.
  8. The due date of furnishing of belated/revised Return of Income for the Assessment Year 2021-22, which is 31st December 2021 under sub-section (4)/sub-section (5) of section 139 of the Act, is extended to 31st January 2022.
  9. ) The Statement of Financial Transactions (SFT) for the Financial Year 2020- 21, can be furnished on or before 30th June 2021.
  10. The Statement of Reportable Account for the calendar year 2020, can be furnished on or before 30th June 2021.
  11. The TDS/TCS Book Adjustment Statement in Form No 24G for the month of May 2021, can be furnished on or before 30th June 2021.
  12. The Statement of Deduction of Tax from contributions paid by the trustees of an approved superannuation fund for the Financial Year 2020-21, can be sent on or before 30th June 2021.
  13. 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, can be furnished on or before 30th June 2021.
  14. 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 can be furnished on or before 15th July 2021.

The Board clarified that the extension of the dates as referred to in clauses (1), (6), and (7) above 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 (i) to (vi) of sub-section (1) of that section exceeds one lakh rupees.

The Board also Clarified that For the purpose of Clarification 1, 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 under this Circular) provided in that Act, shall be deemed to be the advance tax.