Direct Tax Alert
Direct Tax Alert
CBDT further extends deadline of certain compliances
Background
With the country still recovering from the effect of the devastating second wave of COVID-19; most States are relaxing the strict lockdown imposed. With an increase in the vaccinations and the economic activity picking up pace, it appears that the country has sailed through the testing times. However, there is still the threat of a third wave looming over. Businesses though resumed, have to adhere to the guidelines issued by the Central and State Governments from time to time. Owing to this evolving landscape, taxpayers are facing genuine hardships. Taking cognisance of the hardship faced during the second wave, the Central Board of Direct Taxes (CBDT) had extended the deadlines of certain compliances1 pertaining to the Income-tax Act, 1961 (IT Act) in the months of April 2021 and May 20212. The CBDT has recently issued another circular3 and notifications4 to further extend timelines of certain compliances.
We, at BDO in India, have analysed and summarised the said circular hereunder:
Deadline under the IT Act
|
Particulars |
Period |
Original Deadline |
Extended Deadline |
Further extended deadline |
|
e-TDS Return (i.e., Form 24Q, Form 26Q and Form 27Q) |
Quarter 4 of FY 2020-21 |
31 May 2021 |
30 June 2021 |
15 July 2021 |
|
Statement of Income paid or credited by an investment fund to its unit holder (i.e., Form 64D) |
FY 2020-21 |
15 June 2021 |
30 June 2021 |
15 July 2021 |
|
TDS Certificate issued to employee (i.e., Form 16) |
FY 2020-21 |
15 June 2021 |
15 July 2021 |
31 July 2021 |
|
Statement of Income paid or credited by an investment fund to its unit holder (i.e., Form 64C) |
FY 2020-21 |
30 June 2021 |
15 July 2021 |
31 July 2021 |
|
Quarterly statement in respect of foreign remittances in Form 15CC |
1 April 2021 to 30 June 2021 |
15 July 2021 |
|
31 July 2021 |
|
Annual Statement in Form 3CEK by the eligible investment fund |
FY 2020-21 |
29 June 2021 |
|
31 July 2021 |
|
Application under section 10(23C), 12AB, 35, 80G for registration / provisional registration / intimation / approval / provisional approval of Trust / Institutions / Research Associations etc |
|
30 June 2021 |
|
31 August 2021 |
|
Uploading of declarations received from recipients in Form 15G/15H |
1 April 2021 to 30 June 2021 |
15 July 2021 |
|
31 August 2021 |
|
Investment/deposit/payment/acquisition/purchase/ construction or such other action for the purpose of claiming exemption under the provisions contained in Section 54 to 54GB of the IT Act |
1 April 2021 to 29 September 2021 |
|
|
30 September 2021 |
|
Withdrawal application filed before Settlement Commission in Form 34BB |
|
27 June 2021 |
|
31 July 2021 |
|
Filing of objections to Dispute Resolution Panel and tax officer |
|
1 June 2021 or thereafter |
|
31 August 2021 |
|
Passing of penalty order under IT Act |
|
|
30 June 2021 |
30 September 2021 |
|
Linking of Aadhar with PAN under section 139AA of the IT Act |
|
31 March 2020 |
30 June 2021 |
30 September 2021 |
Deadline under the Finance Act, 2016 (i.e., Equalisation Levy)
|
Particulars |
Period |
Original Deadline |
Extended Deadline |
Further extended deadline |
|
Filing of Equalisation levy statement in Form 1 |
FY 2020-21 |
30 June 2021 |
|
31 July 2021 |
|
Processing of Equalisation levy statements under section 168(1) of the Finance Act, 2016 |
|
31 March 2021 |
30 June 2021 |
30 September 2021 |
Deadline under the Vivad Se Vishwas Act, 2020
|
Particulars |
Period |
Original Deadline |
Extended Deadline |
Further extended deadline |
|
Payment of amount determined under Direct Tax Vivad se Vishwas Act (without additional amount) |
31 March 2021 |
|
30 June 2021 |
31 August 2021 |
|
Payment of amount determined under Direct Tax Vivad se Vishwas Act (with additional amount) |
|
|
|
31 October 2021 |
BDO Comments
The timely extension of various deadlines has brought taxpayers the much needed relief. It is pertinent to note that while the due date for the e-TDS return of quarter 4 has been extended, the due date for filing TCS return has not been extended.
1Notification No. 38/2020/F. No. 370142/35/2020-TPL, dated 27 April 2021 and Notification No. 39/2020/F. No. IT(A)/01/2020-TPL, dated 27 April 2021. Refer our tax alert - https://www.bdo.in/en-gb/insights/alerts-updates/direct-tax-alert-cbdt-further-extends-few-statutory-deadlines-and-payment-under-vivad-se-vishwas-s
Circular No.8/2021, dated 30 April 2021. Refer our tax alert- https://www.bdo.in/en-gb/insights/alerts-updates/direct-tax-alert-cbdt-extends-few-compliance-related-deadlines
2Circular No.9/2021, dated 20 May 2021. Refer our tax alert- https://www.bdo.in/en-gb/insights/alerts-updates/direct-tax-alert-cbdt-extends-time-limits-of-certain-compliances
3Circular No.12/2021, dated 25 June 2021
4Notification No. 74 and Notification No. 75 dated 25 June 2021
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