Tax Alert: Latest COVID-19 Related Relaxations and Exemptions Issued by the Government

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Tax Alert: Latest COVID-19 Related Relaxations and Exemptions Issued by the Government

In view of the prevailing COVID-19 pandemic situation in the country, resulting in hardship and difficulty vis-à-vis complying with various due dates under the Indian Income tax Act, 1961 (‘the Act’) and causing severe impact on the cash flows, the Central Board of Direct Taxes (‘CBDT’) has time and again issued relevant Notifications, Circulars and Press Releases extending the due date w.r.t various direct tax compliances.

Updated as on 13^th July 2021

In the table below, we have summarized the key Notifications and Circulars issued by the CBDT, which has extended the due dates of various direct tax compliances under the Act:

Sr No	Compliance Particulars	Original Due Date	Extended Due Date[1]
1	Objections to Dispute Resolution Panel (DRP) and Assessing officer under section 144C	01 June 2021	31 August 2021 (note 1)
2	Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21	31 May 2021	15 July 2021
3	Certificate of Tax Deducted at Source in Form 16	15 June 2021	31 July 2021
4	Statement of income paid or credited in Form 64D by Investment Fund to its unit holders for Financial Year 2020-2021	15 June 2021	15 July 2021
5	Statement of income paid or credited in Form 64C by Investment Fund to its unit holders for Financial Year 2020-2021	30 June 2021	31 July 2021
6	The application under Section 10(23C), 12AB, 35(1)(i i)/(iia)/(iii) and 80G of the Act in Form No. 10Af Form No.10AB. for registration/ provisional registration/ intimation/ approval/ provisional approval of Trusts/ Institutions/ Research Associations	30 June 2021	31 August 2021
7	Compliances for claiming exemption under provisions contained in sections 54 to 54GB	01 April 2021 to 29 September 2021	01 April 2021 to 30 September 2021
8	Quarterly Statement in Form 15CC to be furnished by Authorized Dealer in respect of foreign remittances made for quarter ended 30^th June 2021	15 July 2021	31 July 2021
9	Equalization Levy Statement in Form 1 for Financial Year 2020-21	30 June 2021	31 July 2021
10	Time Limit for processing Equalization Levy return	–	30 September 2021
11	Annual Statement in Form 3CEK to be furnished under section 9A(5) by Eligible Investment Fund	29 June 2021	31 July 2021
12	Uploading declaration received from recipients in Form No 15G / 15H for quarter ended 30^thJune 2021	15 July 2021	31 August 2021
13	Exercising of option under section 245M(1) in Form No. 34BB for withdrawing application before Settlement Commission	27 June 2021	31 July 2021
14	Last date of linking of Aadhar with PAN under section 139AA	31 March 2021	30 September 2021
15	Last date of payment under Vivad se Vishwas (without additional amount)	–	31 August 2021
16	Last date of payment under Vivad se Vishwas (with additional amount)	–	31 October 2021
17	Time Limit for passing assessment / reassessment order	31 March 2021	30 September 2021
18	Time Limit for passing penalty order	–	30 September 2021
19	Due date for furnishing Return of Income – Non Audit Case	31 July 2021	30 September 2021
20	Due date for furnishing Tax Audit Report	30 September 2021	31 October 2021
21	Due date for furnishing Transfer Pricing Audit	31 October 2021	30 November 2021
22	Due date for furnishing Return of Income – Audit case	31 October 2021	30 November 2021
23	Due date for furnishing Return of Income where Transfer Pricing is applicable	30 November 2021	31 December 2021
24	Belated / Revised return for Assessment Year 2021-22	31 December 2021	31 January 2022

Note:

1) If the last date allowed u/s. 144C is later than 31 August 2021 then such a later date shall prevail.

References:

[1] Notification No 74/2021 & 75/2021 and Circular No 9/2021 dated 20 May 2021 and 12/2021 dated 25 June 2021

Image Credits: Photo by Nataliya Vaitkevich from Pexels

We have summarized the key notifications and circulars issued by the CBDT, extending the due dates of various direct tax compliances under the Act.