Income Tax due date extended amid COVID-19

Income tax due date extended amid covid is a much-awaited and needed relief. The Taxpayers are facing many difficulties in ITR filing and other tax obligations due to the impact of the Covid-19 pandemic. Furthermore, taxpayers are in confusion, especially in responding to different notifications by the government. Therefore, the government has now released two new updates (Notifications nos. 74/2021 & 75/2021 dated 25th June, 2021 Circular no. 12/2021 dated 25th June, 2021) to ease the tax compliances made by taxpayers during this difficult time. It covers all the 18 points of the Income Tax due date extended amid Covid.

In this article, we will read about all the eighteen points of the Income Tax due date extended amid Covid in detail.

Income Tax due date extended amid Covid as follows

1. The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21, required to be filed on or before 31st May 2021 under Rule 31 A of the Income-tax Rules,1962 (hereinafter referred to as “the Rules”), as extended to 30th June 2021 vide Circular No.9 of 2021, can be filed on or before 15th July 2021.
2. The Certificate of Tax Deducted at Source in Form No.16, mandatory to be filled to the employee by 15th June 2021 under Rule 31 of the Rules, is extended to 15th July 2021 vide Circular No.9 of 2021, maybe furnished on or before 31st July 2021.
3. The Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64D for the Previous Year 2020-21, mandatory to be filed on or before 15th June 2021 under Rule 12CB of the Rules, extended to 30th June 2021 vide Circular No.9 of 2021, can be furnished on or before 15th July 2021.
4. The Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64C for the Previous Year 2020-21 needed to be filed on or before 30th June 2021 under Rule 12CB of the Rules, extended to 15th July 2021 vide Circular No.9 of 2021, maybe furnished on or before 31st July 2021.
5. The Quarterly Statement in Form No. 15CC to be furnished by the sanctioned dealer regarding remittances made for the quarter ending on 30th June 2021, required to be furnished on or before 15th July 2021 under Rule 37 BB of the Rules, shall be filed on or before 31st July 2021.
6. The Equalization Levy Statement in Form No. 1 for the Financial Year 2020-21, which is obliged to be furnished on or before 30th June 2021, maybe furnished on or before 31St July 2021.
7. The Annual Statement must be provided under sub-section (5) of section 9A of the Act by the eligible investment fund in Form No. 3CEK for the Financial Year 2020-21, which must be filed on or before 29th June 2021, must be provided on or before 31st July, 2021.
8. Exercising of option to withdraw pending application (filed before the erstwhile Income Tax Settlement Commission) under sub-section (1) of Section 245 M of the Act in Form No. 34BB, which is required to be exercised on or before 27th June, 2021, may be exercised on or before 31st July,2021.
9. Objections to Dispute Resolution Panel (DRP) and Assessing Officer under section 144C of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) for which the last date of furnishing under that section is 1st June, 2021 or thereafter, may be furnished within the time provided in that section or by 31st August, 2021, whichever is later.
10. The application under Section 10(23C), 12AB, 35(1)(ii)/(iia)/(iii) and 80G of the Act in Form No. 10A/ Form No.10AB, for registration/ provisional registration/ intimation/ approval/ provisional approval of Trusts/ Institutions/ Research Associations etc., required to be made on or before 30th June, 2021, may be made on or before 31St August, 2021.
11. Uploading of the declarations received from recipients in Form No. 15G/15H during the quarter ending 30th June, 2021, which is mandatory to be uploaded on or before 15th July, 2021, must be uploaded by 31st August,2021.
12. The last date of payment of the amount under Vivad se Vishwas(without additional amount), which was earlier extended to 30th June 2021, is further prolonged to 31st August 2021.
13. The compliances to be made by the taxpayers such as investment, deposit, payment, acquisition, purchase, construction, or such other action, by whatever name called, to claim any exemption under the provisions contained in Section 54 to 54GB of the Act, for which the last date of such compliance falls between 1st April 2021 to 29th September 2021 (both days inclusive), may be furnished on or before 30th September 2021.
14. Last date of linking Aadhaar Card with PAN under section 139AA of the Act, which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.
15. The Time Limit for passing assessment order which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.
16. The Time Limit for passing penalty order which was earlier delayed to 30th June, 2021 is further delayed to 30th September, 2021.
17. Time Limit for processing Equalisation Levy returns which was earlier postponed to 30th June, 2021 is further postponed to 30th September, 2021.
18. Last date of payment of the amount under Vivad se Vishwas (with additional amount) has been notified as 31st October, 2021.

In conclusion, the Income Tax due date extended amid Covid is a massive relief for taxpayers. The taxpayers can now timely do ITR filing and save themselves from hefty penalties.

Higher TDS deduction if Income Tax Return not filed for 2 Years

Moreover, If you want any other guidance concerning ITR Filing, please feel free to talk to our business advisors at 8881-069-069.

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