Income Tax Compliances: The government extended the timelines of filing tax compliances amid COVID-19
Amid the second wave of the COVID-19 pandemic, the government, earlier last month, announced the extension of filing income tax returns (ITR) for the financial year 2020-21 by two months, till September 30. In order to provide relief to taxpayers and address difficulties faced by them during the pandemic, the Central Board of Direct Taxes (CBDT) also extended the timelines for various tax compliances under the Income-Tax Act,1961. However, the last date to file the TDS return or tax deducted at source is June 30, 2021, according to the official circular. (Also Read: Deadline For Filing Income Tax Returns Extended Till September 30 Amid COVID-19 )
Granting major relief to taxpayers facing hardship due to the severe pandemic & in view of representations recd, the Central Govt extends certain timelines for compliances under IT Act. CBDT Circular No.9/2021 dated 20.05.2021 issued. Circular available on https://t.co/loEeiuxjTfpic.twitter.com/EFfzvCCRGD
— Income Tax India (@IncomeTaxIndia) May 20, 2021
The Central Board of Direct Taxes – the statutory body which heads the Income Tax (I-T) department released an official circular with details of the timelines of income tax compliances extended for taxpayers this year.
The important deadlines that taxpayers must remember, for some of the tax compliances that fall this month – June 2021 are as follows:
- The last date for submitting the statement of reportable account for the calendar year 2020, required to be furnished on or before May 31, 2021, can now be done on or before June 30, 2021.
- The deadline for filing 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, can be submitted on or before June 30, 2021.
- The tax deducted at source or TDS/TCS book adjustment statement can be filed on or before June 30, 2021.
- The last date for the financial institutions to furnish the Statement of Financial Transaction or SFT report is extended till June 30, 201, from the earlier deadline of May 31, 2021.
Meanwhile, according to the CBDT’s circular, the deadline for issuing Certificate of Tax Deducted at Source in Form No 16 by employers to employees is extended by a month till July 15, 2021.