ITR, Tax Audit, TDS and various other due dates extended for FY 2020-21 (AY 2021-22):COVID-19 Relaxation (View Circular)

Owing to Second wave of COVID-19 Pandemic , the Central Board of Direct Taxes ( CBDT ) vide Circular No. 9 dated 20th May 2021 has Extended the due dates of 14 Compliances. It includes Extension in Due Date for filing ITR, Tax Audit, TDS, SFT, Form 16, 24G, 64C, 64D,92E Report, Belated/Revised Return etc.

The Central Board of Direct Taxes, in exercise of its power under section 119 of the Income-tax Act, 1961 provides relaxation in respect of the 14 compliances.

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#1. The Statement of Financial Transactions (SFT) for the Financial Year 2020 21

The Due date of Furnishing the Statement of Financial Transactions (SFT) is 31st May 2021 under Rule 114E of the Income-tax Rules, 1962 and various notifications issued thereunder, may be furnished on or before 30th June 2021.

#2. The Statement of Reportable Account

The Statement of Reportable Account under Rule 114G of the Rules for the calendar year 2020 may be furnished on or before 30th June 2021 which is earlier to be furnished on or before 31st May 2021 ,

#3. TDS Return Filing Due Date

The Statement of Deduction of Tax (TDS Return) under Rule 31A for the Quarter 4 of the Financial Year 2020-21 may be filed on or before 30th June 2021 instead of 31st May 2021.

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#4. Tax Deduction Certificate(Form 16)

The Certificate of Tax Deducted at Source in Form No 16 (Salary) under Rule 31 furnished to the Employee, may be furnished on or before 15th July 2021 instead 15th June 2021.

#5. TDS/TCS Book Adjustment Statement in Form No 24G

The TDS/TCS Book Adjustment Statement in Form No 24G under Rule 30 and Rule 37CA of the Rules for the month of May 2021, may be furnished on or before 30th June 2021 instead of 15th June 2021.

#6. Statement of Deduction of Tax from contributions paid by the trustees of an approved superannuation fund

The Statement of Deduction of Tax from contributions paid by the trustees of an approved superannuation fund under Rule 33 for the Financial Year 2020-21, may be sent on or before 30th June 2021 which was earlier to be sent by 31st May 2021.

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#7. Statement of Income paid or credited by an investment fund to its unit holder in Form No 64D

The Statement of Income paid or credited by an investment fund to its unit holder in Form No 64D under Rule 12CB for the Previous Year 2020-21 may be furnished on or before 30th June 2021 instead of 15th June 2021.

#8. Statement of Income paid or credited by an investment fund to its unit holder in Form No 64C

The Statement of Income paid or credited by an investment fund to its unit holder in Form No 64C under Rule 12CB for the Previous Year 2020-21 may be furnished on or before 15th July 2021.Earlier the same is to be furnished by 30th June 2021.

#9. ITR filing Date for Individuals & Non- Tax Audit Cases

The due date of filing ITR under Section 139(1) for the Financial Year 2020-21 (Assessment Year 2021-22) for Individuals & Non Tax Audit Cases has been extended to 30th September 2021 from 31st July 2021.

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#10. Tax Audit Filing Due Date

The due date of furnishing of Tax Audit Report for the Previous Year 2020-21 has been extended to 31st October 2021 from 30th September 2021.

#11. Audit Under Transfer Pricing

The due date of furnishing Report from an Accountant by persons entering into international transaction or specified domestic transaction under section 92E of the Act for the Previous Year 2020-21, which is 31 October 2021, is extended to 30th November 2021.

#12. ITR filing Date (Tax Audit Cases)

The due date of filing ITR for Corporates & Tax Audit Cases for FY 2020-21 Assessment Year 2021-22, which is 31 October 2021 is extended to 30th November 2021.

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# 13. ITR for Transfer Pricing Report

The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 30th November 2021 under sub-section (1) of section 139 of the Act, is extended to 31st December 2021.

# 14. Belated/Revised Return for FY 2020-21 (AY 2021-22)

The due date of furnishing of belated/revised Return of Income for the Assessment Year 2021-22, which is 31 December 2021 under sub-section (4)/sub-section (5) of section 139 of the Act, is extended to 31st January 2022.

Clarification No. 1:

Where the Self-Assessment Tax Liability after TDS & Advance Tax exceeds Rs. 1 lakh the Interest under Section 234A for Delay in Furnishing of Return of Income will be applicable at the rate of 1 per cent per month for every month/ part thereof after the original due date of filing ITR.

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Clarification No. 2:

The Board further clarified that in case of an individual resident in India referred to in sub-section (2) of section 207 of the Act, the tax paid by him under section 140A of the Act within the due date (without extension under this Circular) provided in that Act, shall be deemed to be the advance tax.

Click here to download Circular No. 9 Dated 20th May 2021

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