Extension of Due dates of various compliances under the Income Tax Law
Taxpayers were already facing inconvenience in meeting various deadlines of tax compliances due to pandemics Covid-19. It is now further fuelled by the untimely launch of the new income tax portal which has severely affected the well settled system of income tax return filing and compliances thereof.
In view of this, the due dates of most of the compliances have been extended by the CBDT. It may be noted that already one extension was given earlier vide Circular No. 9 Dated 20/05/2021. Here is a short compilation of the dates extension & relaxation as given by Notification No. 74/2021 & 75/2021:
- Capital Gain Exemption:
For getting capital gain exemption under section 54 to section 54GB, taxpayers are required to invest the amount in a prescribed mode (i.e., payment, acquisition, purchase, construction, investment, deposit etc) within specified time period only. This time period normally ranges from 6 months to 3 years. Relaxation has now been provided to all such taxpayers for whom the investment due date was falling from 1st April 2021 to 29th September 2021. Such taxpayers can now invest the amount on or before 30th September, 2021.
- Re-Registration of Trust & Institutions:
All existing trusts which were registered u/s 12A or 12AA or u/s 10(23C) are required to get themselves re-registered on or before 30/06/2021. This date has also been extended till 31st August 2021. Now, all application u/s 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. may be done on or before 31St August, 2021.
- Tax Deduction At Source (TDS):
The last date for filing the TDS return for the last quarter of the FY 2020-21 was 31st May, 2021. It was earlier extended to 30th June, 2021. This date is now extended again till 15th July, 2021.
- Issuance of TDS certificate:
TDS certificate in Form No.16 was required to be furnished to the employee by 15th June. It was extended earlier to 15th July, 2021. Now, as a result of extension of the due date of filing TDS return, this date is also extended to 31st July, 2021.
- Uploading of Form No. 15G/15H:
Taxpayers are eligible to get few income from the payer without TDS on submission of Form No. 15G/15H. The recipient of the forms in such a case is required to upload the forms received till 30.06.2021 at the income tax portal by 15th July 2021. This date is now extended to 31st August,2021.
- Linking of PAN with Aadhar:
Last date of linkage of Aadhar with PAN u/s 139AA was earlier extended to 30th June, 2021. This is now extended again to 30th September, 2021.
- Payment of Tax under Vivad se Vishwas Scheme:
a) The last date for payment without additional amount was earlier extended to 30th June, 2021. This is now further extended to 31st August, 2021.
b) Last date of payment with additional amount has also been extended to 31st October, 2021.
- Completion of Assessment Proceeding:
Time Limit for passing an assessment order in various cases was earlier extended to 30th June, 2021. It is now further extended to 30th September, 2021.
- Time Limit for passing penalty order:
The time limit for passing penalty order was earlier extended to 30th June, 2021 which is also now further extended to 30th September, 2021.
- Time Limit for processing Equalisation Levy returns:
The last date for processing the return of equalisationlevy was earlier extended to 30th June, 2021. This is now further extended to 30th September, 2021.
- Statement by Investment Fund (Form No. 64D):
The Statement of Income paid orcredited by an investment fund to its unit holder in Form No. 64D for the FY 2020-21 was required to be furnished by 15th June, 2021. It was earlier extended to 30th June, 2021 and now it is re-extended to 15th July, 2021.
- Statement by Investment Fund (Form No. 64C)
The Statement of Income paid orcredited by an investment fund to its unit holder in Form No. 64C for FY 2020-21 can now be furnished till 31st July, 2021.
- Quarterly statement by Authorised Dealer:
The Quarterly Statement in Form No. 15CC by authorized dealers in respect of remittances made for the quarter ending on 30thJune, 2021 was required to be furnished by 15th July, 2021. This date is also extended to 31st July, 2021.
- Statement of Equalization Levy:
The Statement in Form No. 1 for equalisation levy for the FY 2020-21, Was required to be furnished by 30th June, 2021. This date has been extended to 31St July, 2021.
- Annual Statement by eligible investment fund:
This was required u/s 9A(5) by the eligible investment fund in Form No. 3CEK. The last date for the FY 2020-21 was 29thJune, 2021 which is now extended to 31st July, 2021.
- Withdrawals option for cases before Settlement Commission:
The last date for Exercising of option to withdraw pending application filed before the erstwhile Income Tax Settlement Commission in Form No. 34BB was 27th June, 2021. This has been extended to 31st July,2021.
- Objections to Dispute Resolution Panel (DRP) and Assessing Officer:
For all cases where the last date for filing objection u/s 144Cwas 1st June, 2021 or thereafter, may be filed within the time provided in that section or by 31st August, 2021,whichever is later.
The new income tax portal has more glitches and filing the return may be a more time consuming process. Even though most of the compliances dates have been extended suitably, it is always advisable not to wait for the last moment. Earlier the better is the best practice for income tax compliances.