Tax Alert: Latest COVID-19 Related Relaxations and Exemptions Issued by the Government
- July 14, 2021
- Sandip Mukherjee
- Nihar Tank
- Preeti Kothari
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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