Amid the second wave of the COVID-19 pandemic, the federal government, earlier final month, introduced the extension of submitting revenue tax returns (ITR) for the monetary 12 months 2020-21 by two months, until September 30. In order to offer reduction to taxpayers and tackle difficulties confronted by them in the course of the pandemic, the Central Board of Direct Taxes (CBDT) additionally prolonged the timelines for numerous tax compliances underneath the Income-Tax Act,1961. However, the final date to file the TDS return or tax deducted at supply is June 30, 2021, in accordance with the official round. (Also Read:
Granting main reduction to taxpayers going through hardship because of the extreme pandemic & in view of representations recd, the Central Govt extends sure timelines for compliances underneath IT Act. CBDT Circular No.9/2021 dated 20.05.2021 issued. Circular obtainable on https://t.co/loEeiuxjTfpic.twitter.com/EFfzvCCRGD
— Income Tax India (@IncomeTaxIndia) May 20, 2021
The Central Board of Direct Taxes – the statutory physique which heads the Income Tax (I-T) division launched an official round with particulars of the timelines of revenue tax compliances prolonged for taxpayers this 12 months.
The necessary deadlines that taxpayers should bear in mind, for a few of the tax compliances that fall this month – June 2021 are as follows:
- The final date for submitting the assertion of reportable account for the calendar 12 months 2020, required to be furnished on or earlier than May 31, 2021, can now be accomplished on or earlier than June 30, 2021.
- The deadline for submitting the assertion of deduction of tax for the final quarter of the monetary 12 months 2020-21, required to be furnished on or earlier than May 31, 2021, could be submitted on or earlier than June 30, 2021.
- The tax deducted at supply or TDS/TCS e book adjustment assertion could be filed on or earlier than June 30, 2021.
- The final date for the monetary establishments to furnish the Statement of Financial Transaction or SFT report is prolonged until June 30, 201, from the sooner deadline of May 31, 2021.
Meanwhile, in accordance with the CBDT’s round, the deadline for issuing Certificate of Tax Deducted at Source in Form No 16 by employers to staff is prolonged by a month until July 15, 2021.