Extension of Income Tax Due Dates

Arjuna (Fictional Character): Krishna, the CBDT has issued a circular on 20.5.2021 for extension of due dates for various returns and compliances under the Income Tax Act.

Krishna, (Fictional Character): Arjuna, the time limits of various compliances have been extended to provide relief to taxpayers given the severe pandemic.

Arjuna: Krishna, which due dates have been extended in the above circular?

Krishna: Arjuna, Some of the important due dates that have been extended are as follows:

TDS return for 4th Qtr of F.Y. 2020-21
31-05-2021 – Original Due Date
30-06-2021 – Extended Due Date

Issue of TDS certificate in Form 16 for 4th Qtr of F.Y. 2020-21
15-06-2021 – Original Due Date
15-07-2021 – Extended Due Date

Income Tax Return where audit is not applicable for F.Y. 2020-21
31-07-2021 – Original Due Date
30-09-2021 – Extended Due Date

Filing of Tax Audit Report/ Other Audit Report –
30-09-2021 – Original Due Date
31-10-2021 – Extended Due Date

Income Tax Return where audit is applicable for F.Y. 2020-21
31-10-2021 – Original Due Date
30-11-2021 – Extended Due Date

Arjuna: Krishna, what care should be taken while availing the benefit of relaxation?

Krishna: Arjuna, it should be kept in mind concerning the filing of income tax return, that the due date has been extended only for filing of return. Hence interest u/s 234A shall continue to be leviable where the self-assessment tax payable exceeds Rs. 1 lakh and return is filed after the original due date.

Arjuna: Krishna, the above circular will provide relief to what extent?

Krishna: Arjuna, given the severe Covid pandemic, due dates of various compliances have been extended by the Central Govt. to provide relief to taxpayers. However as there is no extension for payment of taxes in all cases, it will provide limited relief only.