New Delhi: Government has prolonged the timeline of 14 tax related matters in the wake of the COVID-19 pandemic.
An official assertion stated that the Central Government, in continuation of its dedication to handle the hardship being confronted by numerous stakeholders on account of the extreme Covid-19 pandemic, has, on consideration of representations obtained from numerous stakeholders, determined to lengthen timelines for compliances beneath the Income-tax Act,1961 (hereinafter in the next circumstances, as beneath:
The Statement of Financial Transactions(SFT) for the Financial Year 2020-21, required to be furnished on or earlier than thirty first May, 2021 beneath Rule 114E of the Income-tax Rules, 1962 (hereinafter known as “the Rules”) and numerous notifications issued thereunder, could also be furnished on or earlier than thirtieth June, 2021;
1. The Statement of Financial Transactions(SFT) for the Financial Year 2020-21, required to be furnished on or earlier than thirty first May, 2021 beneath Rule 114E of the Income-tax Rules, 1962 (hereinafter known as “the Rules”) and numerous notifications issued thereunder, could also be furnished on or earlier than thirtieth June, 2021;
2. The Statement of Reportable Account for the calendar 12 months 2020, required to be furnished on or earlier than thirty first May, 2021 beneath Rule 114G of the Rules, could also be furnished on or earlier than thirtieth June, 2021;
3. The Statement of Deduction of Tax for the final quarter of the Financial Year 2020-21, required to be furnished on or earlier than thirty first May, 2021 beneath Rule 31A of the Rules, could also be furnished on or earlier than thirtieth June, 2021;
4. The Certificate of Tax Deducted at Source in Form No 16, required to be furnished to the worker by fifteenth June, 2021 beneath Rule 31 of the Rules, could also be furnished on or earlier than fifteenth July, 2021;
5. The TDS/TCS Book Adjustment Statement in Form No 24Gfor the month of May 2021, required to be furnished on or earlier than fifteenth June, 2021 beneath Rule 30 and Rule 37CA of the Rules, could also be furnished on or earlier than thirtieth June, 2021;
6. The Statement of Deduction of Tax from contributions paid by the trustees of an accepted superannuation fund for the Financial Year 2020-21, required to be despatched on or earlier than thirty first May, 2021 beneath Rule 33 of the Rules, could also be despatched on or earlier than thirtieth June, 2021;
7. The Statement of Income paid or credited by an funding fund to its unit holder in Form No 64D for the Previous Year 2020-21, required to be furnished on or earlier than fifteenth June, 2021 beneath Rule 12CB of the Rules, could also be furnished on or earlier than thirtieth June, 2021;
8. The Statement of Income paid or credited by an funding fund to its unit holder in Form No 64C for the Previous Year 2020-21, required to be furnished on or earlier than thirtieth June, 2021 beneath Rule 12CB of the Rules, could also be furnished on or earlier than fifteenth July, 2021;
9. The due date offurnishing of Return of Income for the Assessment Year 2021-22, which is thirty first July, 2021 beneath sub-section (1) of part 139 of the Act, is prolonged to thirtieth September, 2021;
10. The due date offurnishing of Report of Audit beneath any provision of the Act for the Previous Year 2020-21, which is thirtieth September, 2021, is prolonged to thirty first October, 2021;
11. The due date of furnishing report from an Accountant by individuals coming into into worldwide transaction or specified home transaction beneath part 92E of the Act for the Previous Year 2020-21,which is thirty first October, 2021, is prolonged to thirtieth November, 2021;
12. The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is thirty first October, 2021 beneath sub-section (1) of part 139 of the Act, is prolonged to thirtieth November, 2021;
13. The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is thirtieth November, 2021 beneath sub-section (1) of part 139 of the Act, is prolonged to thirty first December, 2021;
14. The due date offurnishing of belated/revised Return of Income for the Assessment Year 2021-22, which is thirty first December, 2021 beneath sub-section (4)/sub-section (5) of part 139 of the Act, is prolonged to thirty first January, 2022.
