CBDT provides relaxation to the tax filers under the COVID 19 pandemic to ease compliances: 

1) The Statement of Financial Transactions (SFT) for the Financial Year 2020-21  may be furnished on or before 30th June 2021 which originally required to be furnished on or before 31st May 2021 ;

2) The Statement of Reportable Account for the calendar year 2020 may be furnished on or before 30th June 2021 which originally required to be furnished on or before 31st May 2021 ;

3) The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21 may be furnished on or before 30th June 2021 which originally required to be furnished on or before 31st May 2021;

4) The Certificate of Tax Deducted at Source in Form No 16 may be furnished on or before 15th July 2021 which originally required to be furnished to the employee by 15th June 2021;

5) The TDS/TCS Book Adjustment Statement in Form No 24G for the month of May 2021 may be furnished on or before 30th June 2021 which originally required to be furnished on or before 15th June 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 may be sent on or before 30th June 2021 which originally required to be sent on or before 31St May 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 may be furnished on or before 30th June 2021 which originally required to be furnished on or before 15th June 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 may be furnished on or before 15th July 2021 which originally required to be furnished on or before 30th June 2021;

9) The due date of furnishing of Return of Income for the Assessment Year 2021-22 is extended to 30th September 2021 which originally is 31st July 2021 under sub-section (1) of section 139 of the Act;

10) The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21 is extended to 31st October 2021 which originally is 30th September 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 is extended to 30th November 2021 which originally is 31st October 2021;

12) The due date of furnishing of Return of Income for the Assessment Year 2021-22 is extended to 30th November 2021 which originally is 31st October 2021 under sub-section (1) of section 139 of the Act;

13) The due date of furnishing of Return of Income for the Assessment Year 2021-22 is extended to 31st December 2021 which originally is 30th November 2021 under sub-section (1) of section 139 of the Act;

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

Apart from the above, a new version of the Online Income Tax filing portal is expected to be rolled out to ease the filing process. 

 

Download the circular here.

This is only a summary of the changes. For a detailed understanding of how these changes, impact your business, please feel free to write to us.

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