CBDT has acted proactively by extending the major tax filing due dates. The Central Board of Direct Taxes extended deadlines for certain direct tax compliances through a circular on 20th May.
As we know, most of the states have implemented lockdown to contain the severe hit of the second wave of COVID-19.
The extensions are made to offer relief in tax compliance timelines as the country struggles to cope with the pandemic.
Of these, the important dues dates include:
- Return filing and tax audit filing of various category of the taxpayers by a month
- Filing of TDS return for Q4 of the last fiscal.
- SFT reporting and reporting of account holder details by the financial institutions have been extended by a month.
- The due date of the overdue return has also been extended by one more month.
Please find the list of critical due dates extended by the income tax authorities as below:
| Sr No | Particulars | Previous due date | Extended due date |
| 1 | Furnishing of SFT (specified financial report ) by specified entities | 31st May 2021 | 30th June 2021 |
| 2 | Statement of reportable account for the calendar year 2020 by the financial institutions | 31st May 2021 | 30th June 2021 |
| 3 | TDS return for Q4 of FY 20-21 | 31st May 2021
(actual due date was 30th April 2021) |
30th June 2021 |
| 4 | Due date of submission of TDS certificate in Form 16 to the employee by the employer | 15th June 2021 | 15th July 2021 |
| 5 | Income tax return filing for FY 2020-21 for individuals and entities not liable for tax audit and who have not entered into any international or specified domestic transaction
|
31st July 2021 | 30th Sep 2021 |
| 6 | Audit report for FY 2020-21 for those assessees covered under the audit but do not have any international or specified domestic transactions | 30th Sep 2021 | 31st Oct 2021 |
| 7 | Audit report for FY 2020-21 for assessee having international or specified domestic transactions under section 92E | 31st Oct 2021 | 30th Nov 2021 |
| 8 | Income tax return filing for FY 2020-21 for those assessees covered under the audit but do not have any international or specified domestic transactions | 31st Oct 2021 | 30th Nov 2021 |
| 9 | Income tax return filing for FY 2020-21 for assessee having international or specified domestic transactions under section 92E | 30th Nov 2021 | 31st Dec 2021 |
| 10 | Due date for Revised return / Belated return of income for FY 2020-21 | 31st Dec 2021 | 31st Jan 2022 |
The extensions mentioned above in Sr (5), (8) and (9) will not apply to any interest under section 234A (delayed filing of return) if the tax payable is more than Rs. 1 lakh (similar to last year)
The above-mentioned extension came with a sigh of relief to the taxpayers and was the need of the hour.
Click here to download the circular
For any clarifications/feedback on the topic, please contact the writer at jyoti.arora@cleartax.in
I am a Chartered Accountant by profession with 4+ years of experience in the finance domain. I consider myself as someone who yearns to explore the world through travelling & Reading. I believe, the knowledge & wisdom that reading gives has helped me shape my perspective towards life, career and relationships. I enjoy meeting new people & learning about their lives & backgrounds. My mantra is to find inspiration from everyday life & thrive to be better each day.
