Direct Tax Alert

Extension of time limits for compliances of Income Tax

May 22, 2021

The Central Board of Direct Taxes (“CBDT”) vide Income Tax Circular No. 9 of 2021, dated 20th May, 2021, has extended several due dates in respect of furnishing of 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”) for the period(s) pertaining to the Financial Year (“FY”) 2020-21 relevant to the Assessment Year (“AY”) 2021-22, considering the challenges faced by the taxpayers in resurgence of COVID-19 pandemic.

Income Tax Returns (ITRs) under section 139(1), (4) & (5) for the FY 2020-21

S. No.ParticularsTypes of AssesseesOriginal Due DateRevised Due Date
1Audit not applicableIndividual and others31st July 202130th September 2021
2Audit applicable(Transfer Pricing provisions not applicable)Corporate, Non-Corporate and Partner of a firm31st October 202130th November 2021
3Audit applicable(Transfer Pricing provisions applicable)Assessees to which section 92E applies30th November 202131st December 2021
4Belated / Revised ITRs u/s 139(4) / (5) of the ActAll Assessees31st December 202131st January 2022

Tax Audit Report (“TAR”) and Transfer Pricing (“TP”) Certification Report for the FY 2020-21

S. No.ParticularsTypes of AssesseesOriginal Due DateRevised Due Date
1TAR under any provision of the ActCorporate, Non-Corporate and Partner of a firm30th September 202131st October 2021
2TP Report from an Accountant u/s 92E of the Act (Taxpayers having international or specified domestic transaction)Corporate and Non-Corporate31st October 202130th November 2021

Other Statutory Compliances for the FY 2020-21

S. No.ParticularsApplicable Rule/ SectionOriginal Due DateRevised Due Date
1Statement of Financial Transactions (SFT)Rule 114E31st May 202130th June 2021
2Statement of reportable account for the Calendar year 2020Rule 114G31st May 202130th June 2021
3Statement of Deduction of Tax (TDS Return) for the last quarterRule 31A31st May 202130th June 2021
4Certificate of Tax Deducted at Source (TDS Certificate) w.r.t. Salary in Form 16Rule 3115th June 202115th July 2021
5TDS/TCS Book Adjustment Statement in Form 24G for the month of May 2021Rule 30 and 37CA15th June 202130th June 2021
6Statement of Deduction of Tax from contributions paid by the trustees of approved superannuation fundRule 3331st May 202130th June 2021
7Statement of Income paid or credited by an investment fund to its unit holder in Form 64DRule 12CB15th June 202130th June 2021
8Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64CRule 12CB30th June 202115th July 2021

Further to the above relaxations, it has also been clarified:

  • The interest as per the provisions of Section 234A of the Act shall remain applicable in cases where the self-assessment tax payable exceeds INR 0.1 Million.
  • For the purpose of above clarification, any amount of self-assessment tax paid u/s 140A of the Act within the due date specified u/s 139(1) of the Act (without considering above extensions), by a resident individual specified u/s 207(2) of the Act, shall be deemed to be the advance tax.

Last updated: 22/05/2021

Article contributed by:

Sahil Sethi / Vaibhaw Agrawal

Direct Tax Team

MBG Corporate Services

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