Revise Income Tax Due Date Chart for FY 2021-22 after 20th May Notification
On consideration of genuine difficulties being faced by taxpayers due to the Covid-19 situation, CBDT extended the due date of various deadline 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. Statement of Financial Transactions (SFT) under rule 114E:
Statement of Financial Transactionsis a report of specified financial transactions by specified persons including prescribed reporting financial institutions. Such specified persons who register, maintain or record such specified financial transactions are under a mandate to submit SFT to the income tax authority or such other specified authority or agency. Financial transaction specifically required to be reported under Section 285BA are as follows:
- Transaction of purchase, sale or exchange of goods or property or right or interest in a property; or
- Transaction for rendering any service; or
- Transaction under a works contract; or
- Transaction by way of an investment made or expenditure incurred; or
- Transaction for taking or accepting any loan or deposit
Earlier 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, the department has extended the due date to 30th June 2021.
2. Statement of Reportable Account under rule 114G:
In order to facilitate effective exchange of information in respect of resident and non-resident, Section 285BA provides for furnishing of statement by a prescribed reporting financial institution in respect of specified financial transaction or reportable account. The statement shall be furnished for each calendar year in Form No. 61B.
Earlier 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 Rules, the department has extended the due date to 30th June 2021.
3. TDS return for Quarter 4 FY 2020-21:
TDS Return is a quarterly statement submitted by the deductor to the Income Tax Department. The statement shows a summary of all the entries for TDS collected by the deductor and the TDS paid by the deductor to the Income Tax Authority. For the Assessment year 2021-22 the Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21, required to be furnished on or before 31st May 2021 under Rule 31A of the Rules, but due to current COVID 19 situation the deductor may be furnish the TDS return on or before 30th June 2021.
4. Issuing TDS Certificate in Form 16:
Employer who is deducting TDS from salary of employee is required to provide the deductee a TDS Certificate in Form 16 within 15 days from the date of filing the return. For Assessment Year 2021-22 the due date to Certificate of Tax Deducted at Source in Form No 16, was 15th June 2021 under Rule 31 of the Rules, but due to current COVID 19 situation the employer may be furnished the form 16 on or before 15th July 2021.
5. TDS/TCS Book Adjustment Statement (Form No 24G):
Form 24G contains information of tax deducted at source (TDS) for Account Officers. For the processing of the TDS, the AO has to submit the details to the Drawing and Disbursing Officer. The AO has to follow a fixed format for the form to file the TDS.
The TDS/TCS Book Adjustment Statement in Form No 24G for the month of May 2021, required to be furnished on or before 15th June 2021 under Rule 30 and Rule 37CA of the Rules, may be furnished on or before 30th June 2021.
6. TDS return by the trustees of an approved superannuation fund:
In cases where the trustees of an approved superannuation fund pay any contributions made by an employer, including interest on such contributions, to an employee during his life-time, they shall send within two months from the end of the financial year to the Assessing Officer referred to in rule 36A, a statement giving the following particulars, namely :—
- name of the superannuation fund;
- name and address of the employee;
- the period for which the employee has contributed to the superannuation fund;
- the amount of contribution repaid on account of principal and interest;
- the average rate of deduction of tax during the preceding three years; and
- the amount of tax deducted on repayment.
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 31st May 2021 under Rule 33 of the Rules, may be sent on or before 30th June 2021.
7. Statement of Income tax paid by investment fund to its unit holder (Form No 64D):
The statement of income paid or credited by an investment fund to its unit holder shall be furnished by the investment fund responsible for crediting or making payment of the income on behalf of an investment fund and the investment fund to the Principal Commissioner or the Commissioner of Income-tax, as the case may be, within whose jurisdiction the Principal office of the investment fund is situated by 15th June of the following financial year during which the income is paid or credited, electronically under digital signature, in Form No. 64D duly verified by an accountant in the manner indicated therein
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 was required to be furnished on or before 15th June 2021 under Rule 12CB of the Rules, due to Covid-19 situation CBDT extended the due date to 30th June 2021.
8. Statement of Income tax paid by investment fund to its unit holder (Form No 64C):
The statement of income paid or credited by an investment fund to its unit holder shall be furnished by the investment fund responsible for crediting or making payment of the income on behalf of an investment fund and the investment fund to the unit holder by 30th day of June of the financial year following the previous year during which the income is paid or credited in Form No. 64C.
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 30th June 2021 under Rule 12CB of the Rules, due to Covid-19 situation CBDT extended the due date to 15th July 2021.
9. Income Tax Return filing for Person not filing Tax audit report the Assessment Year 2021-22:
As per section 139(1) Person who are not required to submit Audit Report as per section 44AB of the Income Tax Act, are required to file the Income Tax return for the relevant financial year on or before 31st July of the assessment year. the Assessment year 2021-22 the due for filing Income Tax Return by person who are not required to file Audit Report as per section 44AB was 31st July 2021under sub-section (1) of section 139 of the Act, the same is extended to 30th September 2021.
10. Tax Audit Report Filing for the Assessment Year 2021-22:
Tax Audit Report is the report prepared by a Chartered Accountant in practice after auditing the books of accounts of a business as per section 44AB. Under Tax Audit, the CA ensures whether the books of accounts are correctly prepared and the taxable income is accurately calculated as per the provisions of the Income Tax Act.
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.
11. Transfer Pricing Report u/s 92E:
A report from an accountant has to be furnished by persons who are entering into an international transaction or a specified domestic transaction as per section 92E. A report from an accountant in a Form 3CEB, duly signed and verified by the accountant must be obtained before the specified date by any person entering into an international transaction or specified domestic transaction in the previous year. The audit is applicable to both international and specified domestic transactions. must be filed
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 i.e. Assessment Year 2021-22 was is 31st October 2021, which is extended to 30th November 2021.
12. Income Tax Return filing for Person filing Tax audit report the for Assessment Year 2021-22:
As per section 139(1) Person who are required to submit Audit Report as per section 44AB of the Income Tax Act, are required to file the Income Tax return for the relevant financial year on or before 30th October of the assessment year. For the Assessment year 2021-22 the due for filing Income Tax Return by person who are required to file Audit Report as per section 44AB was 31st October 2021 however, due to Covid-19 situation, CBDT extended the due date to 31st November 2021.
13. Income Tax Return filing for Person filing Transfer Pricing Report for the Assessment Year 2021-22:
As per section 139(1) Person who are required to file Transfer pricing report as per section 92E are required to file the Income Tax return for the relevant financial year on or before 30th November of the assessment year for Assessment year 2021-22 the due for filing Income Tax Return by person who are required to file Transfer pricing report as per section 92E is 30th November 2020 however, due to Covid-19 situation, CBDT extended the due date to 31st December 2021.
14. Person filing belated/revised Return of Income for the Assessment Year 2021-22:
Where an assessee does not file his return within the timelines prescribed in the income tax act but files it after the due date it is referred to as a belated return. Whereas an assessee who is required to file a return of income is entitled to revise the return of income under Section 139(5) of Income Tax Act, 1961 originally filed by him to make such amendments, additions or changes as may be found necessary by him.
As per the Finance act, the due date for filing belated and revised return is 31st December of the relevant assessment year. For the Assessment Year 2021-22 the due date for filing belated and revised return is 31st December 2021 however, due to Covid-19 situation, CBDT extended the due date to 31st January 2022.
The above information can be summarised as follows:
| Sr no | Compliance | Extended due date | Previous due date |
| 1 | Statement of Financial Transactions (SFT) | 30th June 2021 | 31st May 2021 |
| 2 | Statement of Reportable Account | 30th June 2021 | 31st May 2021 |
| 3 | TDS return for Quarter 4 FY 2020-21 | 30th June 2021 | 31st May 2021 |
| 4 | Issuing TDS Certificate in Form 16 | 15th July 2021 | 15th June 2021 |
| 5 | TDS/TCS Book Adjustment Statement (Form No 24G) | 30th June 2021 | 15th June 2021 |
| 6 | TDS return by the trustees of an approved superannuation fund | 30th June 2021 | 31st May 2021 |
| 7 | Statement of Income tax paid by investment fund to its unit holder (Form No 64D) | 30th June 2021 | 15th June 2021 |
| 8 | Statement of Income tax paid by investment fund to its unit holder (Form No 64C) | 30th June 2021 | 15th June 2021 |
| 9 | Income Tax Return filing for Person not filing Tax audit report the Assessment Year 2021-22 | 30th September 2021 | 31st July 2021 |
| 10 | Tax Audit Report Filing for the Assessment Year 2021-22 | 31st October 2021 | 30th September 2021 |
| 11 | Transfer Pricing Report u/s 92E | 30th November 2021 | 31st October 2021 |
| 12 | Income Tax Return filing for Person filing Tax audit report the for Assessment Year 2021-22 | 30th November 2021 | 31st October 2021 |
| 13 | Income Tax Return filing for Person filing Transfer Pricing Report for the Assessment Year 2021-22 | 31st December 2021 | 30th November 2021 |
| 14 | Person filing belated/revised Return of Income for the Assessment Year 2021-22 | 31st January 2022 | 31st December 2021 |
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