Government extends certain timelines in light of severe pandemic

DELHI MAY 20, 2021:

The Central Government, in continuation of its commitment to address the hardship being faced by various stakeholders on account of the severe Covid-19 pandemic, has, on consideration of representations received from various stakeholders,decided  to  extend timelines for compliances under the Income-tax Act,1961 (hereinafter referred to as “the Act”) in the following cases, as under:

1. The Statement of Financial Transactions(SFT) for the Financial Year 2020-21, required to be furnished on or before 31^st May, 2021 under Rule 114E of the Income-tax Rules, 1962 (hereinafter referred to as “the Rules”) and various notifications issued thereunder, may be furnished on or before 30^th June, 2021;

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

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

5. The TDS/TCS Book Adjustment Statement in Form No 24Gfor the month of May 2021, required to be furnished on or before 15^th June, 2021 under Rule 30 and Rule 37CA of the Rules, may be furnished on or before 30^th 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, required to be sent on or before 31^st May, 2021 under Rule 33 of the Rules, may be sent on or before 30^th June, 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 15^th June, 2021 under Rule 12CB of the Rules, may be furnished on or before 30^th 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, required to be furnished on or before 30^th June, 2021 under Rule 12CB of the Rules, may be furnished on or before 15^th July, 2021;

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

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

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

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

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

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

            It is clarified that the extension of the dates as referred to in clauses (ix), (xii) and (xiii) 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 rupees one lakh.Further, in 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.

CBDT Circular No.9/2021 in F.No.225/49/2021/ITA-II dated 20.05.2021 issued. The said Circular is available on www.incometaxindia.gov.in.