The government on Thursday extended the timelines for compliance under the Income-tax act in the wake of the hardship being faced by various stakeholders on account of the severe COVID-19 pandemic. Saraswathi Kasturirangan, Partner, Deloitte India says the extension in timelines is indeed a big relief for corporates as well as for individuals.
“The tax withholding on salary for FY20-21 had added complexities in terms of determining taxable employer contributions to PF, NPS and Superannuation, identifying and reporting interest accretions on the same, enabling employees to avail the deemed Leave Travel Concessions etc.. The extension of timeline to file the quarterly e-TDS returns from 31 May to 30 June and the issue of Form 16 from 15 June to 15 July is, therefore, a welcome reprieve,” she said.
As part of these relaxations, the last date for furnishing of return of income for the Assessment Year 2021-22 was extended by two months to September 30, 2021, instead of July 31, 2021, for individual taxpayers.
Similarly, for those accounts that need to be audited, the last date to furnish return of income for the previous fiscal is now October 31, 2021, as against September 30, 2021.
The other related extensions in timelines are as follows:
1) The Statement of Financial Transactions (SFT) for the Financial Year 2020-21, required to be furnished on or before May 31, 2021, under Rule 114E of the Income-tax Rules, 1961 (hereinafter referred to as “the Rules”) and various notifications issued thereunder, may be furnished on or before June 30, 2021.
2) The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which is September 30, 2021, is extended to October 31, 2021.
3) The due date of furnishing report from an accountant by persons entering into an international transaction or specified domestic transaction under section 92E of the Act for the Previous Year 2020-21, which is October 31, 2021, is extended to November 30, 2021.
4) The due date of furnishing of ITR for the Assessment Year 2021-22, which is 31st October 2021 is extended to November 30, 2021.
5) The Statement of Reportable Account for the calendar year 2020, required to be furnished on or before May 31, 2021, under Rule 114G of the Rules, may be furnished on or before June 30, 2021.
6) The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21, required to be furnished on or before May 31, 2021, under Rule 31A of the Rules, may be furnished on or before June 30, 2021.
7) The Certificate of Tax Deducted at Source in Form No 16, required to be furnished to the employee by June 15, 2021, under Rule 31 of the Rules may be furnished on or before July 15, 2021.
8) The TDS/TCS Book Adjustment Statement in Form No 24G for the month of May 2021, required to be furnished on or before June 15, 2021, under Rule 30 and Rule 37CA of the Rules, may be furnished on or before June 30, 2021.
9) The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is October 31, 2021 under sub-section (1) of section 139 of the Act, is extended to November 30, 2021.
10) The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is November 30, 2021, under sub-section (1) of section 139 of the Act, is extended to December 31, 2021.
11) The due date of furnishing of belated/revised ITR for the Assessment Year 2021-22, which is December 31, 2021, under sub-section (4)/sub-section (5) of section 139 of the Act, is extended to January 31, 2022.
