Extension of Time Limits of Various Income Tax Compliances

In the wake of the pandemic Covid-19 and in the interest of taxpayers, the Central Board of Direct Taxes (CBDT) extended time limits for various compliances as under:

1. Statement of Financial Transactions (SFT) & Statement of Reportable Account (SRA):Due Date of SFT and SRA for the FY 2020-2021 has been extended from 31^st May 2021 to 30^th June 2021.

2. TDS Statement: Extension of filing TDS Statement for the last quarter of FY 2020-21 to 30^thJune 2021 as against 31^st May 2021.

3. TDS certificate:TDS certificate in Form No. 16 which was earlier required to be furnished to the employee on or before 15^th June 2021 is now stands extended to 15^th July 2021.

4. TDS/TCS Book Adjustment Statement: Due datefor the month of May 2021 is extended from 15^th June 2021 to 30^th June 2021.

5. TDS on Contributions by Trustees:Date of sending Statement of Deduction of Tax from contributions paid by the trustees of an approved superannuation fund for the FY 2020-21 is extended by one month. Now, it may be sent on or before 30^th June 2021 against 31^st May 2021. 

6. Income Tax Returns:Due date of furnishing of return for the AY 2021-22 which was required to be filed by persons on or before 31^st July 2021, 31^st October 2021 and 30^th November 2021 is now extended by one month i.e., 30^th September 2021, 30^th November 2021 and 31^st December 2021, respectively.

It has been clarified that such extensions would stand inapplicable to Section 234A (Interest on defaults in furnishing return of Income) if balance tax payable after all adjustments (TDS, Advance Tax, etc.) exceeds Rs. 1 lakh.

Furthermore, if any self-assessment tax has been paid by the Senior citizen before the original due dates then such tax deposited would be considered as Advance Tax for the purpose of calculating interest u/s 234A of the Income-tax Act, 1961 on the balance tax payable.

7. Audit Report: Extended by one month i.e., from 30^thSeptember 2021 to 31^st October 2021.

8. Report on International and specified domestic transactions:Extension in furnishing Form 3CEB from 31^st October 2021 to 30^th November 2021.

9. Investment fund on account of income paid or credited to its unit holder is required to file a statementin Form No 64D and Form No 64C. CBDT extended the time limit for Form No 64D and Form No 64C from 15^th June 2021 to 30^th June 2021 and from 30^th June 2021 to 15^th July 2021, respectively.

10. Belated return/Revised Return: Belated return/revised return of Income can now be filed by 31^stJanuary 2022 as against 31^st December 2021.

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