CBDT Circular 9/2021: Extension of Certain Timelines

CBDT extends certain Income Tax compliance timelines as relief to taxpayers in view of the severe spread of pandemic COVID 19, vide Circular 9/2021 dt. 20/05/2021.

CBDT Income Tax Circular 9/2021 dt. 20/05/2021: Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic

The Central Board of Direct Taxes, in exercise of its power under section 119 of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) provides relaxation in respect of the following compliances:

1) The Statement of Financial Transactions (SFT) for the Financial Year 2020-21, required to be furnished on or before 31/05/2021 under Rule 114E of the Income-tax Rules, 1962 (hereinafter referred to as “the Rules”) and various notifications issued thereunder, may be furnished on or before 30/06/2021;

2) The Statement of Reportable Account for the calendar year 2020, required to be furnished on or before 31/05/2021 under Rule 114G of the Rules, may be furnished on or before 30/06/2021;

3) The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21, required to be furnished on or before 31/05/2021 under Rule 31A of the Rules, may be furnished on or before 30/06/2021;

4) The Certificate of Tax Deducted at Source in Form No 16, required to be furnished to the employee by 15/06/2021 under Rule 31 of the Rules, may be furnished on or before 15/07/2021;

5) The TDS/TCS Book Adjustment Statement in Form No 24G for the month of May 2021, required to be furnished on or before 15/06/2021 under Rule 30 and Rule 37CA of the Rules, may be furnished on or before 30/06/2021;

6) The Statement of Deduction of Tax from contributions paid by the trustees of an approved superannuation fund for the Financial Year 2020-21, required to be sent on or before 31/05/2021 under Rule 33 of the Rules, may be sent on or before 30/06/2021;

7) The Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64D for the Previous Year 2020-21, required to be furnished on or before 15/06/2021 under Rule 12CB of the Rules, may be furnished on or before 30/06/2021;

8) 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, required to be furnished on or before 30/06/2021 under Rule 12CB of the Rules, may be furnished on or before 15/07/2021;

9) The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31/07/2021 under sub-section (1) of section 139 of the Act, is extended to 30/09/2021;

10) The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which is 30/09/2021, is extended to 31/10/2021;

11) The due date of furnishing Report from an Accountant by persons entering into international transaction or specified domestic transaction under section 92E of the Act for the Previous Year 2020-21, which is 31/10/2021, is extended to 30/11/2021;

12) The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31/10/2021 under sub-section (1) of section 139 of the Act, is extended to 30/11/2021;

13) The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 30/11/2021 under sub-section (1) of section 139 of the Act, is extended to 31/12/2021;

14) The due date of furnishing of belated/ revised Return of Income for the Assessment Year 2021-22, which is 31/12/2021 under sub-section (4)/ sub-section (5) of section 139 of the Act, is extended to 31/01/2022.

Clarification 1: it is clarified that the extension of the dates as referred to in clauses (9), (12) and (13) above shall not apply to Explanation 1 to section 234A of the Act, in cases where the amount of tax on the total income as reduced by the amount as specified in clauses (i) to (vi) of sub-section (1) of that section exceeds one lakh rupees.

Clarification 2: For the purpose of Clarification 1, in case of an individual resident in India referred to in sub-section (2) of section 207 of the Act, the tax paid by him under section 140A of the Act within the due date (without extension under this Circular) provided in that Act, shall be deemed to be the advance tax.