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Circular 9/2021: Extension of time Limits of Certain Compliances Under the Income Tax Act 1961

In light of the adverse circumstances arising on account of the COVID-19 pandemic and considering several requests made by taxpayers, tax consultants, and other stakeholders from across the country that various compliance dates may be relaxed, CBDT vide circular 09/2021 dated 20-May-2021 has provided certain relaxations in the below compliance timelines-

Sl. No.

Compliance

Original due date

Extended due date

1

Statement of Financial Transactions

31-05-2021

30-06-2021

2

Statement of Reportable Account

31-05-2021

30-06-2021

3

TDS return for Q4 FY 20-21

31-05-2021

30-06-2021

4

Statement of TDS from contributions paid by the trustees of an approved superannuation fund for the FY 20-21

31-05-2021

30-06-2021

5

TDS/TCS Book Adjustment Statement (Form No 24G) for the month of May-21

15-06-2021

30-06-2021

6

Statement of Income paid or credited by an investment fund to its unit holder (Form No 64C) for the PY 20-21

30-06-2021

15-07-2021

7

Statement of Income paid or credited by an investment fund to its unit holder (Form No 64D) for the PY 20-21

15-06-2021

30-06-2021

8

Certificate of TDS-Form 16

15-06-2021

15-07-2021

9

Individual ITRs & Non Tax Audit ITRs

31-07-2021

30-09-2021

10

Tax Audit ITRs

31-10-2021

30-11-2021

11

Belated/Revised Returns for AY 21-22

31-12-2021

31-01-2022

12

Transfer Pricing ITRs

30-11-2021

31-12-2021

13

Transfer Pricing Report (3CEB) u/s 92E

31-10-2021

30-11-2021

14

Tax Audit Report (3CACD & 3CBCD)

30-09-2021

31-10-2021

In other words, CBDT provides relaxation in respect of the following compliances:

  1. Statement of Financial Transactions (SFT) is a report of specified financial transactions by specified persons including prescribed reporting financial institutions. The SFT for the Financial Year 2020-21, required to be furnished on or before 31st May 2021 under Rule 114E of the Income Tax Rules, 1962, may be furnished on or before 30th June 2021.
  2. The Statement of Reportable Account is to be filed by certain prescribed entities, and in such statement, they are required to furnish the details of reportable account registered/recorded/maintained by them during the year. The Statement of Reportable Account for the calendar year 2020, required to be furnished on or before 31st May 2021 under Rule 114G of the Rules, may be furnished on or before 30th June 2021.
  3. TDS return is a quarterly statement to be given to the IT department. The Statement of Deduction of Tax for the last quarter (Q4) of the Financial Year 2020-21, required to be furnished on or before 31st May 2021 under Rule 31A of the Rules, may be furnished on or before 30th June 2021.
  4. In cases where the trustees of an approved superannuation fund pay any contributions made by an employer, including interest on such contributions, to an employee during his life-time, they are required to send a statement to the Assessing Officer within two months from the end of the financial year, i.e. on or before 31st May 2021 for the FY 2020-21, which now may be sent on or before 30th June 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 15th June 2021 under Rule 30 and Rule 37CA of the Rules, may be furnished on or before 30th June 2021.
  6. The statement of income paid or credited by an investment fund to its unit holder shall be furnished by the person responsible for crediting or making payment of the income on behalf of an investment fund to the:
  7. unit holder by 30th day of June for the Previous Year 2020-21 in Form No. 64C, which now may be furnished on or before 15th July 2021;
  8. Principal Commissioner or the Commissioner of Income-tax, as the case may be, by 15th day of June for the Previous Year 2020-21 in Form No. 64D, which now may be furnished on or before 30th June 2021.
  9. Form 16 is a certificate issued to salaried individuals from their employers. The certificate of Tax Deducted at Source in Form No 16 required to be furnished to the employee by 15th June 2021 under Rule 31 of the Rules, may be furnished on or before 15th July 2021.
  10. Income Tax Return (ITR) is a form in which the taxpayers file information about his income earned and tax applicable to the income tax department. Every taxpayer should file his ITR on or before the specified due date.
  11. The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st July 2021 under sub-section (1) of section 139 of the Act, is extended to 30th September 2021.
  12. The due date of furnishing of Tax Audit ITRs (taxpayers who are eligible for audit) 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.
  13. 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.
  14. 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.
  • A report from an accountant in a prescribed form u/s 92E of Income-tax Act, 1961, duly signed and verified by the accountant must be obtained before 31st October by any person entering into an international transaction or specified domestic transaction in the previous year. The due date of furnishing such a report for the Previous Year 2020-21 is extended to 30th November 2021.
  • The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which is 30th September 2021, is extended to 31st October 2021.

Note: Interest u/s 234A will be applicable where tax liability exceeds? 1,00,000/-

 

 

 

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