In view of the hardship being faced by taxpayers on account of the severe Covid-19 pandemic and on consideration of representations received from various stakeholders, the government has decided to provide further relief to taxpayers by extending various time limits of compliances.
Accordingly, the Central Board of Direct Taxes (CBDT) has now extended the due date for furnishing of Return of Income for the Assessment Year 2021-22, which is 31 July, 2021 by couple of months to 30 September, 2021. Similarly, the board has also extended the due date of furnishing of Report of Audit under any provision of the Income Tax Act for the Previous Year 2020-21, to October 31, 2021 from the earlier deadline of 30 September, 2021.
Also, the income tax department has extended by a month the time limit for furnishing statement of financial transactions (SFT) by companies to June 30, 2021 from earlier deadline of May 31.
A month's extension has also been given to taxpayer companies to submit the statement of reportable account for the calendar year 2020 . This can now be submitted upto to June 30, 2021 from earlier May 31, 2021.
Continuing with its exercise to ease compliance burden, the CBDT has also said that the Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21, which is required to be furnished on or before 31 May, 2021 may now be furnished on or before 30th June, 2021.
The CBDT has also provided more time to employers to issue certificate of tax deducted at source in Form 16. It is now required to be furnished to the employee by on or before 15 July, 2021 against earlier 15 June, 2021.
The compliance related to TDS/TCS Book Adjustment Statement in Form No 24G for the month of May 2021, has also been eased. It was required to be furnished on or before 15 June, 2021 and can now , be furnished on or before 30 June, 2021.
The CBDT has also extended the date for furnishing the Statement of Deduction of Tax from contributions paid by the trustees of an approved superannuation fund for the Financial Year 2020-21. It was required to be sent on or before 31 May, 2021 and can now be sent on or before 30 June, 2021.