Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic

Last updated: 21 May 2021

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The Central Board of Direct Taxes has extended the deadlines for several tax compliance requirements to offer relief to taxpayers affected by the severe pandemic. These extensions apply to various statements, including the Statement of Financial Transactions (SFT), Statement of Reportable Account, and Statement of Deduction of Tax. The due dates for furnishing these statements and certificates have generally been moved to June or July 2021.

F. NO.225/49/2021-ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, Dated 20th May, 2021 Subject: Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic The Central Board of Direct Taxes, in exercise of its power under section 119 of the Income-tax Act, 1961 (hereinafter referred to as the Act) provides relaxation in respect of the following compliances: 1) The Stateme

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FAQ :

The main purpose is to extend the time limits for certain tax compliances to provide relief to taxpayers due to the severe pandemic.

The deadlines for the Statement of Financial Transactions (SFT), Statement of Reportable Account, Statement of Deduction of Tax, TDS/TCS Book Adjustment Statement, Statement of Deduction of Tax from superannuation fund contributions, and Statement of Income paid by an investment fund have been extended.

The deadline for furnishing the Statement of Financial Transactions (SFT) for FY 2020-21 has been extended to 30th June 2021.

The Certificate of Tax Deducted at Source in Form No. 16 must be furnished to employees on or before 15th July 2021.

No, the extended deadlines vary. Some are extended to 30th June 2021, while the deadline for Form No. 16 is extended to 15th July 2021.

Circular No : 9/2021
Source : https://www.incometaxindia.gov.in/communications/circular/circular_9_2021.pdf

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