14 Relaxation provided by Income Tax Department due to Covid
CBDT in Circular 9 has provided the following relaxations in respect of the compliances dates
From that we can summarise the nature of recent relaxation as under :
1) The SFT for the FY 20-21 , required to be furnished on or before 31/5/21under Rule 114E may be furnished on or before 30/6/21.
2) The Statement of Reportable Account for the year 2020, required to be furnished on or before 31/5/21 under Rule 114G, may be furnished on or before 30/6/21.
3) The Statement of TDS for 4th Qr 20-21 , required to be furnished on or before 31/5/21 under Rule 31A, may be furnished on or before 30/6/21.
4) The Certificate of TDS in Form No 16, required to be furnished by 15/6/21 under Rule 31, may be furnished on or before 15/7/21.
5) The TDSITCS Book Adjustment Statement in Form No 24G for the month of May 2021 , required to be furnished on or before 15/6/21 under Rule 30 and Rule 37CA, may be furnished on or before 30/6/21.
6) Statement of TDS from contributions paid by the trustees of an approved superannuation fund for the FY 20-21, required to be sent on or before 31/5/21 under Rule 33, may be sent on or before 30/6/21.
7) The Statement of Income paid or credited by an investment fund to its unit holder in Form No 64D for the FY 20-21, required to be furnished on or before 15/6/21 under Rule 12CB, may be furnished on or before 30/6/21.
8) The Statement of Income paid or credited by an investment fund to its unit holder in Form No 64C for the FY 20-21 , required to be furnished on or before 30/6/21 under Rule 12CB of the Rules, may be furnished on or before 15/7/21.
9) The due date of furnishing of Return of Income for non audit cases for the AY 21-22, which is 31/7/21 under Sec 139(1), is extended to 30/9/21.
10) The due date of furnishing of Audit Report for the AY 21-22, which is 30/9/21, is extended to 31/10/21.
11) The due date of furnishing Transfer Pricing Audit Report under Sec 92E for the AY 21-22 which is 31/10/21 , is extended to 30/11/21.
12) The due date of furnishing of Return of Income for audit cases for the Ay 21-22 , which is 31/10/21 is extended to 30/11/21.
13) The due date of furnishing of Return of Income for Transfer Pricing cases for AY 21-22, which is 30/11/21 is extended to 31/12/21.
14) The due date of furnishing of belated/revised Return of Income for the Assessment Year 21-22, which is 31/12/21 under 139(4) or (5), is extended to 31/1/22.
Impoartant point to note for interest u/s 234 A : Taxpayers, whose entire income tax liability is not discharged by TDS and advance tax and such shortfall is more than Rs 1 lakhs, should file their ITR within respective original due date to avoid the charge of interest u/s 234A.
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