2021 Extension of Due Date for ITR and Income-Tax Compliances

Because of constraints being faced by the taxpayers due to the second wave of COVID-19, there were several representations for extension of timelines for compliances under the Income-tax Act, 1961. Considering the representations received from various stakeholders the Central Board of Direct Taxation (CBDT) further extends the due date for ITR, TDS, Tax Audit, SFTs, and Other Compliances for the AY 2020- 2021. The Present article briefs the extensions so provide.

Synopsis of Notification

The CBDT has extended the due date for filing income tax returns for the assessment year 2021-2022 by two months, to September 30, 2021, from the existing deadline of July 31, 2021, while giving an extension to tax audit and 12 compliance deadlines for FY 2021 to provide relief to taxpayers due to Covid pandemic. The deadline for issuing Form 16 by employers to employees has been extended by a month till July 15^th, 2021.

Due Date for Furnishing Statement of Financial Transactions (SFT)

The Statement of Financial Transactions (SFT) for the Financial Year 2020-21, required to be furnished on or before 31st May 2021 under Rule 114E of the Income-tax Rules, 1962. As per the CBDT’s new notification, the due date for furnishing Statement of Financial Transactions (SFT) will be extended to 30 June 2021.

Due Date for Furnishing for Statement of Reportable Account

The Statement of Reportable Account for the calendar year 2020, required to be furnished on or before 31st May 2021 under Rule 114G of the Income-tax Rules, 1962. With this notification, CBDT announced that the due date for furnishing for Statement of Reportable Account is extended to 30th June 2021.

Due Date for Furnishing Statement of Deduction of Tax

The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-2021, required to be furnished on or before 31st May 2021 under Rule 31A of the Income Tax Rules, may be furnished on or before 30th June 2021.

Due Date for Furnishing Form No 16

According to Rule 31 of the Income-tax Rules, Certificate of Tax Deducted at Source in Form No 16 is required to be furnished to the employee by 15th June 2021 and now the time period is extended, and form 16 can be furnished on or before 15th July 2021.

Due Date for Furnishing TDS/TCS Book Adjustment Statement

The TDS/TCS Book Adjustment Statement in Form No 24G for May 2021, needs to be furnished on or before 15^th June 2021 under Rule 30 and Rule 37CA. Considering the COVID pandemic, CBDT extended this due date to 30th June 2021

The due date for furnishing Statement of Income paid by an investment fund

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 15th June 2021 under Rule 12CB of the Rules, may be furnished on or before 30th June 2021; The Statement of Income paid or credited by an investment fund to its unit holder in Form No 64C for the Previous Year 2020-2021 be furnished on or before 15th July 2021. The earlier due date for furnishing Statement of Income paid or credited by an investment fund is 30th June 2021

The due date for filing Income Tax Return AY 2021-22

As per the income tax law, for individuals whose accounts are not required to audit and who usually file their income tax return using ITR-1 or ITR-4 forms the deadline to file ITR is July 31^st, The deadline for taxpayers, like companies and firms whose accounts not required to be audited, is October 31^st, 2021

The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st July 2021 under sub-section (1) of section 139 of the Act, is extended to 30th September 2021
The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st October 2021 under sub-section (1) of section 139 of the Act, is extended to 30th November 2021
The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 30th November 2021 under sub-section (1) of section 139 of the Act, is extended to 31st December 2021

The due date for furnishing of Audit Report

The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which is 30th September 2021, is extended to 31st October 2021

Due date of furnishing Report from an Accountant

The due date of furnishing Report from an Accountant by persons entering into an international transaction or specified domestic transaction under section 92E of the Act for the Previous Year 2020-2021, which is 31st October 2021, is extended to 30th November 2021

Date of furnishing of Revised Return of Income

The due date of furnishing of revised Return of Income for the Assessment Year 2021-2022 is extended to 31st January 2022. Earlier, CBDT extended the due date of filing of belated and revised returns for AY 2020-2021 to May 31, 2021. Refer to the following table for the understanding of the extension of Due Date for ITR and Income-Tax Compliances

Compliances	Existing Due Date	Extended Due Date
Statement of Financial Transactions for FY 2020-21	31-05-2021	30-06-2021
Statement of Reportable Account	31-05-2021	30-06-2021
TDS Statement for Q4 of FY 2020-21	31-05-2021	30-06-2021
Issue of Form 16/16A	15-06-2021	15-07-2021
ITR for AY 2021-22 (Non-Audit Cases)	31-07-2021	30-09-2021
Tax Audit Report in Form 3CA-3CD/3CB-3CD	30-09-2021	31-10-2021
Tax Audit Report in Form 3CEB u/s 92E	31-10-2021	30-11-2021
ITR for Audit Cases for AY 2021-22 and Companies	31-10-2021	30-11-2021
ITR for TP Cases for AY 2021-22	30-11-2021	31-12-2021
Belated/Revised Return for AY 2021-22	31-12-2021	31-1-2022
Belated/Revised Return for AY 2020-21	31-3-2021	31-5-2021

CBDT vide Circular No. 8/2021 dated 30.04.2021, the following relaxations in certain compliances were given:

Appeal before CIT (Appeals) may be filed by 31st May 2021.
Income Tax Return required to be filed in response to notice under Section 148 may be filed by 31st May 2021
Filing of belated and revised return for AY 2020-2021 extended to May 31, 2021.
Challan-cum-statement for tax deducted under section 194-IA, Section 194-IB, and section 194M may be furnished till 31-05-2021 where the due date was 30-04-2021.
Similarly, Statement in Form No. 61 may be furnished till 31-05-2021 where the due date was 30-04-2021.