India

Centre extends timelines for compliances under Income-tax Act amid COVID-19 pandemic

New Delhi: The Centre, in continuation of its commitment to address the hardship being faced by various stakeholders on account of the severe Covid-19 pandemic, has decided to extend timelines for compliances under the Income-tax Act, 1961 (hereinafter referred to as “the Act”) after consideration of representations received from various stakeholders, said the Union Finance Ministry on Thursday.

According to the Ministry, 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 (hereinafter referred to as “the Rules”) and various notifications issued thereunder, may be furnished on or before 30th June, 2021.

The Statement of Reportable Account for the calendar year 2020, required to be furnished on or before May 31 under Rule 114G of the Rules, may be furnished on or before June 30. The Finance Ministry said that 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 under Rule 31A of the Rules, may be furnished on or before June 30.

The Certificate of Tax Deducted at Source (TDS) in Form No 16, required to be furnished to the employee by June 15 under Rule 31 of the Rules, may be furnished on or before July 15. 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 Rules, may be furnished on or before June 30, 2021.

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 May under Rule 33 of the Rules, may be sent on or before June 30, the ministry further said.

It also stated that 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 under Rule 12CB of the Rules, may be furnished on or before June 30.

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 under Rule 12CB of the Rules, may be furnished on or before July 15.

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

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.

Furthermore, 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, is extended to November 30.

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

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

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.

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