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Income Tax Due Date Extension: Return of income and Various Audit Reports

In view of the difficulties faced by the taxpayers and other stakeholders in e-filing of Return of Income (‘ROI’) and various audit reports for the Assessment Year (AY) 2021-22, the Central Board of Direct Taxes (‘CBDT’), vide Circular No. 17/ 2021 dated 9 September 2021, has notified the income tax due date extension for filing of return and various audit reports. The same have been summarized as under:

Income tax due date extension and relaxation for filing of return and various audit reports under the Income-tax Act, 1961:

Sr No

Compliance (AY 2021-22)

Original Due Date

Existing Due Date[1]

Extended Due Date[2]

1

ROI due date for taxpayers (such as individuals, firms, etc. not liable to audit)

31 July 2021

30 September 2021

31 December 2022

2

Furnishing of various audit reports (such as tax audit report u/s 44AB of the Act)

30 September 2021

31 October 2021

15 January 2022

3

Furnishing of transfer pricing report with respect to international / specified domestic transactions under section 92E of the Act

31 October 2021

30 November 2021

31 January 2022

4

ROI due date for taxpayers who are required to get their accounts audited under the Act or any other law for the time being in force (excluding taxpayers covered under Sr. No. 5 below)

31 October 2021

30 November 2021

15 February 2022

5

ROI due date for taxpayers who are required to furnish transfer pricing report under section 92E of the Act

30 November 2021

31 December 2021

28 February 2022

6

Belated / Revised ROI

31 December 2021

31 January 2022

31 March 2022

 

 

Clarification on interest calculation following the Income Tax due date extension:  

It is pertinent to note that, although, the due date for furnishing the ROI have been extended, however, the extended due date shall not be applicable for the purpose of computing interest under section 234A of the Act in a scenario where the payment of self-assessment tax exceeds INR 1,00,000.  

It is further clarified that, in case of a resident senior citizen not having any income chargeable to tax under the head business or profession, the tax paid till the original due date of filing of ROI shall be treated as an advance tax and accordingly no interest shall be chargeable on such amount.

 

Reason for the Income Tax due date extension:

The CBDT has launched the new income tax e-filing portal on 7 June 2021. However, since its launch, the taxpayers are facing various technical glitches in filing of various forms, certificates, and reports on this portal. In view of the difficulties faced, the ‘Finance Minister’ has given a deadline of 15 September 2021 to Infosys to resolve all the technical glitches such that taxpayers and professionals can work seamlessly on the portal. However, even if the technical glitches are resolved within the said date, it would leave a very short period for the taxpayers/professionals to file the return of income and audit reports on the portal.

Thus, the CBDT acknowledged the hardship caused to the various taxpayers and other stakeholders and accordingly extended the various dues dates with respect to filing of return of income and various audit reports under the Act. This, indeed, is a welcome move and provides much needed relief to the taxpayers.

Prior to this, the CBDT had issued Circular No. 16/ 2021, dated 29 August 2021, and extended the due dates w.r.t various other direct tax compliances.  

 

References:

[1] Circular No. 9/2021 dated 20 May 2021

[2] Circular No 17/2021 dated 9 September 2021 and press release dated 9 September 2021

Image Credits:

Photo by freestocks on Unsplash

The CBDT acknowledged the hardship caused to the various taxpayers and other stakeholders and accordingly extended the various dues dates with respect to filing of return of income and various audit reports under the Act. This, indeed, is a welcome move and provides much needed relief to the taxpayers.

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Extensions Granted for e-Filing of Various Tax Forms

In view of the difficulties faced by the taxpayers and other stakeholders in electronic filing of various forms, resulting in hardship and difficulty vis-à-vis complying with various due dates under the Income tax Act, 1961 (‘the Act’), the Central Board of Direct Taxes (‘CBDT’), vide Circular No. 16/ 2021, dated 29 August 2021, has extended the due dates w.r.t various direct tax compliances. The same have been summarized as under:

Relaxation and extension of time limits for electronic filing of various forms under the Income-tax Act, 1961

Sr NoCompliance ParticularsOriginal Due DateExtended Due Date[1]
1

Application for registration or intimation or approval under Sections 10(23C), 12A, 35(1)(ii)/(iia)/(iii) or 80G of the Act in Form No. 10A

30 June 202131 March 2022
2

Application for registration or approval under Sections 10(23C), 12A or 80G of the Act in Form No. 10AB

28 February 202231 March 2022
3

Equalization Levy Statement in Form 1 for Financial Year 2020-21

30 June 202131 December 2021
4

Quarterly Statement in Form 15CC to be furnished by Authorized Dealer in respect of foreign remittances made for the quarter ended 30th June 2021

15 July 202130 November 2021
5

Quarterly Statement in Form 15CC to be furnished by Authorized Dealer in respect of foreign remittances made for quarter ending on 30th September 2021

15 October 202131 December 2021
6

Uploading declaration received from recipients in Form No 15G / 15H for quarter ended 30th June 2021

15 July 202130 November 2021
7

Uploading declaration received from recipients in Form No 15G / 15H for quarter ending on 30th September 2021

15 October 202131 December 2021
8

Intimation by Sovereign Wealth Fund in respect of investments made by it in India in Form II SWF for the quarter ended 30th June 2021

31 July 2021

30 November 2021

9

Intimation by Sovereign Wealth Fund in respect of investments made by it in India in Form II SWF for the quarter ending on 30th September 2021

31 October 202131 December 2021
10

Intimation by a Pension Fund in respect of investment made by it in India in Form No. 10BBB for the quarter ended 30th June 2021

31 July 2021

30 November 2021

11

Intimation by a Pension Fund in respect of investment made by it in India in Form No. 10BBB for the quarter ending on 30th September 2021

31 October 202131 December 2021
12

Intimation, in Form 3CEAC, by a constituent entity (resident in India) of an international group, the parent entity of which is not resident in India

30 November 202131 December 2021
13

Reporting in Form 3CEAD by a parent entity or an alternate reporting entity or any other constituent entity, resident in India

30 November 202131 December 2021
14

Intimation on behalf of an international group under proviso to section 286(4) in Form No. 3CEAE

30 November 202131 December 2021

Further, considering the difficulties being faced in issuing and amending Form No 3, which is a prerequisite for making payment by the declarant under Vivad se Vishwas Act, 2020 (‘VSV Act’), the CBDT, vide Notification No. 94/2021[2] dated 31 August 2021, has also extended the last date of payment (without any additional amount) under VsV Act from 31 August 2021 to 30 September 2021.

However, it is further clarified that there is no change in the last date for payment of the amount (with additional amount), which remains as 31 October 2021.

References:

[1] Circular No 16/2021 dated 29 August 2021 and Press Release dated 29 August 2021

[2] Notification No. 94/2021F.No.IT(A)/01/2020-TPL (Part-I)-(Part- I) dated 31 August 2021 and Press Release dated 29 August 2021

Image Credits:

Photo by Nataliya Vaitkevich from Pexels

The CBDT, vide Notification No. 94/2021 dated 31 August 2021, has also extended the last date of payment (without any additional amount) under the Vivad se Vishwas Act from 31 August 2021 to 30 September 2021.

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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 13th 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 30th 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 30th June 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.

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