20 REVISED DUE DATES under the Income-tax Act

Table of Contents: 

1. Equalisation Levy
2. Filing of Application by Trust, Institutions, etc.
3. Making Investments for Capital Gain Exemption
4. Quarterly Statement in respect of foreign remittances
5. Filing of statement by eligible investment fund
6. Withdrawing application before Settlement Commission
7. Aadhaar-PAN linking
8. Direct Tax Vivad se Vishwas Act, 2020
9. Passing of order for assessment or reassessment by AO
10. Filing of objections to DRP and AO
11. Imposition of Penalty
12. Upload of Form no. 15G/15H
13. TDS Statement
14. Issue of TDS certificate
15. Statement of income paid/credited by investment fund to unit holder
16. Statement of Income paid or credited by an investment fund
17 a. Return of Income – Assessment Year 2021-22
17 b. Return of Income – Assessment Year 2021-22
17 c. Return of Income – Assessment Year 2021-22
17 d. Return of Income – Assessment Year 2021-22
18. Audit Report – Assessment Year 2021-22
19. Benami Act
20. Issue of Reassessment Notice

In view of the COVID-19 pandemic, the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 (TLA Act, 2020) has extended various due dates of compliances. The due dates so extended by the TLA Act, 2020 have been extended again on multiple occasions by the CBDT[1].

The CBDT has again extended the due dates for certain compliances[2] and has announced to provide tax exemption on amount received by the taxpayers for COVID-19 treatment. Further, the ex-gratia or any compensation received by the family members of any person who succumbed to COVID-19 will be exempt from tax (subject to certain limits).

The impact of new notifications and circular on various time barring dates and certain compliance of Income-tax Act are discussed in the below paragraph.

1. Equalisation Levy

Furnishing of Equalisation Levy statement for the Financial Year 2020-21

Sending intimation of processing of Equalisation Levy

(The extension has been given in those cases where the due date falls between 20-03-2020 to 31-03-2021)

2. Filing of Application by Trust, Institutions, etc.

Filing of application for registration/provisional registration/ intimation/approval/provisional approval of Trust, institutions or Research Associations, etc. under sections 10(23C), 12AB, 35 and 80G.

3. Making Investments for Capital Gain Exemption

Making Investments or completing construction/purchase for claiming deduction from capital gains under sections 54 to 54GB.

The extension has been given in those cases where the due date falls between 01-04-2021 to 29-09-2021.

4. Quarterly Statement in respect of foreign remittances

Quarterly Statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending June, 2021

5. Filing of statement by eligible investment fund

Filing of a statement in Form No. 3CEK by an eligible investment fund in respect of its activities in the financial year 2020-21 as required by Section 9A(5)

6. Withdrawing application before Settlement Commission

Filing of Form No. 34BB to withdraw application filed before Settlement Commission

7. Aadhaar-PAN linking

Linking of Aadhaar Number and PAN

8. Direct Tax Vivad se Vishwas Act, 2020

Payment of tax without additional charge

 Payment of tax with additional charge 

9. Passing of order for assessment or reassessment by AO

Cases where on account of various extension notifications, the due date is getting expired on 31-03-202

Cases where due date is getting expired on 31-03-2021 without giving effect of any extension notification

10. Filing of objections to DRP and AO

Filing of objections to Dispute Resolution Panel (DRP) and Assessing Officer under section 144C of the Income-tax Act

Note: If the last date allowed by section 144C for filing of objections falls beyond 31-08-2021 then such later date shall be taken into consideration

11. Imposition of Penalty

Time limit for passing of order imposing penalty. The extension has been given in those cases where the due date falls between specified period.

12. Upload of Form no. 15G/15H       

Upload the declarations received from recipients in Form No. 15G/15H during the quarter ending June, 2021

13. TDS Statement

Furnishing of TDS Statement for the 4th quarter of the Financial Year 2020-21

14. Issue of TDS certificate     

Issue of TDS certificate in form 16 in respect tax deducted from the salary paid during the Financial Year 2020-21

15. Statement of income paid/credited by investment fund to unit holder     

Statement of income paid or credited by investment fund to be furnished to PCIT/CIT in Form 64D for the previous year 2020-21

16. Statement of Income paid or credited by an investment fund

The Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64C for the Previous Year 2020-21

The recent notification and circular don’t further extend the following due dates (which were extended previously).

Thus the previously extended due date shall be the final due date for the following compliance

17a. Return of Income – Assessment Year 2021-22

Furnishing of Return of income for the assessment year 2021-22 for all assessee other than:

• • corporate-assessee;
  • non-corporate assessee (whose books of account are required to be audited);
  • partner of a firm whose accounts are required to be audited or the spouse of such partner if the provisions of section 5A apply; or
  • an assessee who is required to furnish a report under section 92E.

Note:

1. Though the due date for filing of Income-tax Return for the Assessment Year 2021-22 has been extended, but no relief shall be provided from the interest chargeable under section 234A if the tax liability exceeds Rs. 1 lakh. Thus, if self-assessment tax liability of a taxpayer exceeds Rs. 1 lakh, he would be liable to pay interest under section 234A from the expiry of original due dates.
2. A resident senior citizen who does not have any income from business or profession is not required to pay advance tax and he can pay the entire tax by way of self-assessment tax. For computing the limit of Rs. 1 lakh (as specified above), the self-assessment tax paid by a senior citizen on or before 31-07-2021 shall be deemed to be the advance tax. Thus, same shall be reduced while computing the tax liability of Rs. 1 lakh.

17b. Return of Income – Assessment Year 2021-22

Furnishing of return of income for the assessment year 2021-22 if the assessee (not having any international or specified domestic transaction) is:

• corporate-assessee;
• non-corporate assessee (whose books of account are required to be audited); or
• partner of a firm whose accounts are required to be audited or the spouse of such partner if the provisions of section 5A apply.

Note:

1. Though the due date for filing of Income-tax Return for the Assessment Year 2021-22 has been extended, but no relief shall be provided from the interest chargeable under section 234A if the tax liability exceeds Rs. 1 lakh. Thus, if self-assessment tax liability of a taxpayer exceeds Rs. 1 lakh, he would be liable to pay interest under section 234A from the expiry of original due dates.

17c. Return of Income – Assessment Year 2021-22

Furnishing of return of income for the assessment year 2021-22 in the case of an assessee if it is required to submit a report under section 92E pertaining to the international or specified domestic transaction(s)

Note:

1. Though the due date for filing of Income-tax Return for the Assessment Year 2021-22 has been extended, but no relief shall be provided from the interest chargeable under section 234A if the tax liability exceeds Rs. 1 lakh. Thus, if self-assessment tax liability of a taxpayer exceeds Rs. 1 lakh, he would be liable to pay interest under section 234A from the expiry of original due dates.
2. A resident senior citizen who does not have any income from business or profession is not required to pay advance tax and he can pay the entire tax by way of self-assessment tax. For computing the limit of Rs. 1 lakh (as specified above), the self-assessment tax paid by a senior citizen on or before 31-07-2021 shall be deemed to be the advance tax. Thus, same shall be reduced while computing the tax liability of Rs. 1 lakh.

17d. Return of Income – Assessment Year 2021-22

Furnishing of belated or revised return of income for the Assessment Year 2021-22

18. Audit Report – Assessment Year 2021-22

Due date for filing of audit report under section 44AB for the assessment year 2021-22 in the case of a corporate-assessee or non-corporate assessee (who is required to submit his/its return of income on October 31, 2021)

Furnishing of report from an accountant for the assessment year 2021-22 by an assessee entering in to international or specified domestic transactions under Section 92E

19. Benami Act

Issue of notice or passing of any order under Benami Act. The extension has been given in those cases where the due date falls between 20-03-2020 to 30-06-2021.

20. Issue of Reassessment Notice

Issuance of notice under section 148 for reopening the assessment where income has escaped assessment.

Cases where on account of various extension notifications the due date is getting expired on 31-03-2021

[1] Notification S.O. 1703(E), dated 27-04-2021, Circular no. 08/2021, dated 30-04-2021 and Circular no. 9/2021, dated 20-05-2021

[2] Notification Nos. 74 & 75/2021 & Circular no. 12/2021, dated 25-06-2021

Also Read:

• • Revised Due Dates for Compliances under the Income-tax Act