Extension of time limits for compliances of Income Tax
Overview
The Central Board of Direct Taxes (“CBDT”), vide Income Tax Circular No. 9 of 2021 dated 20th May 2021, extended several due dates in respect of furnishing Returns of Income, Audit Reports, and other statutory compliances under the Income-tax Act, 1961 (“the Act”) read with the Income Tax Rules, 1962 (“the Rules”). This relaxation was introduced considering the challenges faced by taxpayers due to the resurgence of the COVID-19 pandemic.
From a broader compliance standpoint, such extensions form a critical part of evolving taxation advisory services, where businesses must continuously realign filing timelines, documentation readiness, and regulatory reporting obligations.
Income Tax Returns (ITRs) – Section 139
| S. No. | Particulars | Types of Assessees | Original Due Date | Revised Due Date |
|---|---|---|---|---|
| 1 | Audit not applicable | Individual and others | 31st July 2021 | 30th September 2021 |
| 2 | Audit applicable (TP not applicable) | Corporate, Non-Corporate and Partner of a firm | 31st October 2021 | 30th November 2021 |
| 3 | Audit applicable (TP applicable) | Assessees to which section 92E applies | 30th November 2021 | 31st December 2021 |
| 4 | Belated / Revised ITRs u/s 139(4)/(5) | All Assessees | 31st December 2021 | 31st January 2022 |
Tax Audit Report (TAR) and Transfer Pricing (TP) Certification
| S. No. | Particulars | Types of Assessees | Original Due Date | Revised Due Date |
|---|---|---|---|---|
| 1 | TAR under any provision of the Act | Corporate, Non-Corporate and Partner of a firm | 30th September 2021 | 31st October 2021 |
| 2 | TP Report u/s 92E | Corporate and Non-Corporate | 31st October 2021 | 30th November 2021 |
Other Statutory Compliances for FY 2020-21
| S. No. | Particulars | Applicable Rule/Section | Original Due Date | Revised Due Date |
|---|---|---|---|---|
| 1 | Statement of Financial Transactions (SFT) | Rule 114E | 31st May 2021 | 30th June 2021 |
| 2 | Statement of reportable account | Rule 114G | 31st May 2021 | 30th June 2021 |
| 3 | TDS Return (last quarter) | Rule 31A | 31st May 2021 | 30th June 2021 |
| 4 | TDS Certificate (Form 16) | Rule 31 | 15th June 2021 | 15th July 2021 |
| 5 | Form 24G (May 2021) | Rule 30 & 37CA | 15th June 2021 | 30th June 2021 |
| 6 | Superannuation fund reporting | Rule 33 | 31st May 2021 | 30th June 2021 |
| 7 | Form 64D | Rule 12CB | 15th June 2021 | 30th June 2021 |
| 8 | Form 64C | Rule 12CB | 30th June 2021 | 15th July 2021 |
Key Clarification
- Interest under Section 234A continues to apply where self-assessment tax exceeds INR 100,000
- Self-assessment tax paid within original due dates (without considering extensions) shall be treated as advance tax for specified individuals
These developments highlight the importance of continuous monitoring under direct tax advisory services, especially where multiple compliance timelines intersect.
Article Contributed By
Sahil Sethi / Vaibhaw Agrawal
Direct Tax Team
MBG Corporate Services