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In the wake of the pandemic Covid-19 and in the interest of taxpayers, the Central Board of Direct Taxes (CBDT) extended time limits for various compliances as under:

Extension of Time Limits of Various Compliances
  1. Statement of Financial Transactions (SFT) & Statement of Reportable Account (SRA):Due Date of SFT and SRA for the FY 2020-2021 has been extended from 31st May 2021 to 30th June 2021.
  2. TDS Statement: Extension of filing TDS Statement for the last quarter of FY 2020-21 to 30thJune 2021 as against 31st May 2021.
  3. TDS certificate: TDS certificate in Form No. 16 which was earlier required to be furnished to the employee on or before 15th June 2021 is now stands extended to 15th July 2021.
  4. TDS/TCS Book Adjustment Statement: Due date for the month of May 2021 is extended from 15th June 2021 to 30th June 2021.
  5. TDS on Contributions by Trustees: Date of sending Statement of Deduction of Tax from contributions paid by the trustees of an approved superannuation fund for the FY 2020-21 is extended by one month. Now, it may be sent on or before 30th June 2021 against 31st May 2021.
  6. Income Tax Returns: Due date of furnishing of return for the AY 2021-22 which was required to be filed by persons on or before 31st July 2021, 31st October 2021 and 30th November 2021 is now extended by one month i.e., 30th September 2021, 30th November 2021 and 31st December 2021, respectively.

It has been clarified that such extensions would stand inapplicable to Section 234A (Interest on defaults in furnishing return of Income) if balance tax payable after all adjustments (TDS, Advance Tax, etc.) exceeds Rs. 1 lakh.

Furthermore, if any self-assessment tax has been paid by the Senior citizen before the original due dates then such tax deposited would be considered as Advance Tax for the purpose of calculating interest u/s 234A of the Income-tax Act, 1961 on the balance tax payable.

  1. Audit Report: Extended by one month i.e., from 30thSeptember 2021 to 31st October 2021.
  2. Report on International and specified domestic transactions: Extension in furnishing Form 3CEB from 31st October 2021 to 30th November 2021.
  3. Investment fund on account of income paid or credited to its unit holder is required to file a statement in Form No 64D and Form No 64C. CBDT extended the time limit for Form No 64D and Form No 64C from 15th June 2021 to 30th June 2021 and from 30th June 2021 to 15th July 2021, respectively.
  4. Belated return/Revised Return: Belated return/revised return of Income can now be filed by 31stJanuary 2022 as against 31st December 2021.
 

Tabular summary

Particular

Revised Due Date

SFT & SRA

30th June 2021

TDS Return Q4 of FY 2020-2021

30th June 2021

TDS Certificate (Form No 16)

15th July 2021

TDS/ TCS Book Adjustment Statement (Form No 24G)

30th June 2021

Statement of Deduction of Tax (Superannuation Fund)

30th June 2021

Statement of Income-Investment Fund (Form No 64D)

30th June 2021

Statement of Income-Investment Fund (Form No 64C)

15th July 2021

Audit Report

31st October 2021

Transfer Pricing (Form 3CEB)

30th November 2021

Revised Return/Belated Return

31st January 2022

Due date of Return Filing:

  • 31st July 2021
  • 31st October 2021
  • 30th November 2021
  • 30th September 2021
  • 30th November 2021
  • 31st December 2021
 

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Category Income Tax, Other Articles by - SAGAR MALHOTRA 



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