In view of the COVID-19 pandemic, the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 (TLA Act, 2020) has extended various due dates of compliances. The due dates so extended by the TLA Act, 2020 have been extended again on multiple occasions by the CBDT1.
The CBDT has again extended the due dates for certain compliances2 and has also announced to provide tax exemption for the expenditure incurred by the taxpayers on COVID-19 treatment. Further, the ex-gratia or any compensation received by the family members of any person who succumbed to COVID-19 will be exempt from tax.
The impact of new notifications and circular on various time barring dates and certain compliance of Income-tax Act are discussed in the below paragraphs:
1. COVID-19 tax exemptions
The CBDT has announced to extend the tax exemption in respect of the amount received by a taxpayer for treatment of COVID-19 during Financial Year 2019-20 and subsequent years. The exemption shall be available if a person receives the amount from his employer or any other person.
Further, in case of death of a person due to COVID-19, the Board has announced an Income-tax exemption for the ex-gratia amount received by the family members of deceased employees from the employer or any other person. The exemption shall be available on the sum received during FY 2019-20 and subsequent years. The exemption shall be allowed in respect of the entire amount received from the employer. However, it shall be limited to Rs. 10 lakhs in aggregate for the amount received from any other persons.
The CBDT shall bring necessary legislative amendments for the above decisions in due course of time.
2. Extension of due dates:
Thus the previously extended due date shall be the final due date for compliance | ||||
Section 192(5) read with Rule 33 | Furnishing of Statement of tax deduction from contributions paid by the trustees of an approved superannuation fund for the Financial Year 2020-21 | 31-05-2021 | 30-06-2021 | 30-06-2021 |
Section 206C read with Rule 37CA | Furnishing of Form 24G by an office of the Government where TDS/TCS for the month of May, 2021 has been paid without the production of a challan | 15-06-2021 | 30-06-2021 | 30-06-2021 |
Section 285BA read with Rule 114G | Furnishing of Statement of Reportable Account for calendar year 2020 | 31-05-2021 | 30-06-2021 | 30-06-2021 |
Benami Act | Issue of notice or passing of any order under Benami Act |
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| (The extension has been given in those cases where the due date falls between 20-03-2020 to 30-06-2021) | - | 30-09-2021 | 30-09-2021 |
Section 144C(13) | Passing of order consequent to the direction of DRP |
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| (The extension has been given in those cases where the due date falls between 20-03-2020 to 31-03-2021) | - | 30-06-2021 | 30-06-2021 |
Section 148 | Issuance of notice under section 148 for reopening the assessment where income has escaped assessment | |||
| • Cases where on account of various extension notifications the due date is getting expired on 31-03-2021. | - | 30-06-2021 | 30-06-2021 |
| • Cases where the due date is getting expired on 31-03-2021 without giving the effect of any extension notification. | 31-03-2021 | 30-09-2021 | 30-09-2021 |
Section 285BA read with Rule 114E | Furnishing of Statement of Financial Transactions (SFT) for the Financial Year 2020-21 | 31-05-2021 | 30-06-2021 | 30-06-2021 |
Section 139(1) | Return of income for the assessment year 2021-22 for all assessee other than (a) corporate-assessee; (b) non-corporate assessee (whose books of account are required to be audited); (c) partner of a firm whose accounts are required to be audited or the spouse of such partner if the provisions of section 5A apply; or (d) an assessee who is required to furnish a report under section 92E. | 31-07-2021 | 30-09-2021 (see notes) | 30-09-2021 (see notes) |
Section 139(1) | Furnishing of return of income for the assessment year 2021-22 if the assessee (not having any international or specified domestic transaction) is: (a) corporate-assessee; (b) non-corporate assessee (whose books of account are required to be audited); or (c) partner of a firm whose accounts are required to be audited or the spouse of such partner if the provisions of section 5A apply. | 31-10-2021 | 30-11-2021 (see notes) | 30-11-2021 (see notes) |
Section 139(1) | Furnishing of return of income for the assessment year 2021-22 in the case of an assessee if it is required to submit a report under section 92E pertaining to the international or specified domestic transaction(s) | 30-11-2021 | 31-12-2021 (see notes) | 31-12-2021 (see notes) |
Section 44AB | Due date for filing of audit report under section 44AB for the assessment year 2021-22 in the case of a corporate-assessee or non-corporate assessee (who is required to submit his/its return of income on October 31, 2021) | 30-09-2021 | 31-10-2021 | 31-10-2021 |
Section 44AB | Furnishing of report from an accountant for the assessment year 2021-22 by an assessee entering in to international or specified domestic transactions under Section 92E | 31-10-2021 | 30-11-2021 | 31-11-2021 |
Section 139(4)/(5) | Furnishing of belated or revised return of income for the Assessment Year 2021-22 | 31-12-2021 | 31-01-2022 | 31-01-2022 |
Notes:
1) Though the due date for filing of Income-tax Return for the Assessment Year 2021-22 has been extended, but no relief shall be provided from the interest chargeable under section 234A if the tax liability exceeds Rs. 1 lakh. Thus, if self-assessment tax liability of a taxpayer exceeds Rs. 1 lakh, he would be liable to pay interest under section 234A from the expiry of original due dates.
2) A resident senior citizen who does not have any income from business or profession is not required to pay advance tax and he can pay the entire tax by way of self-assessment tax. For computing the limit of Rs. 1 lakh (as specified above), the self-assessment tax paid by a senior citizen on or before 31-07-2021 shall be deemed to be the advance tax. Thus, same shall be reduced while computing the tax liability of Rs. 1 lakh.
Section | Particulars | Original Due Date | Due date extended by the TLA 2020 read with previous notifications | New Due dates |
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Sections 10(23C), 12AB, 35, 80G | Filing of application for registration/provisional registration/intimation/approval/provisional approval of Trust, institutions or Research Associations, etc. | 30-06-2021 | - | 31-08-2021 |
Section 54 to 54GB | Making Investments or completing construction/purchase for claiming deduction from capital gains (The extension has been given in those cases where the due date falls between 01-04-2021 to 29-09-2021). | - | - | 30-09-2021 |
Rule 37BB | Quarterly Statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending June, 2021 | 15-07-2021 | - | 31-07-2021 |
Section 167 of the Finance Act 2016 | Furnishing of Equalisation Levy statement for the Financial Year 2020-21 | 30-06-2021 | - | 31-07-2021 |
Section 9A | Filing of a statement in Form No. 3CEK by an eligible investment fund in respect of its activities in the financial year 2020-21 | 29-06-2021 | - | 31-07-2021 |
Section 245M(1) | Filing of Form No. 34BB to withdraw application filed before Settlement Commission | 27-06-2021 | - | 31-07-2021 |
Section 139AA | Linking of Aadhaar number and PAN | 31-03-2020 | 30-06-2021 | 30-09-2021 |
Section 139AA read with Rule 114AAA | PAN to be treated as inoperative due to non-linking it with Aadhaar number | 31-03-2020 | 31-03-20203 | 31-03-20203 |
Direct Tax Vivad se Vishwas Act, 2020 | Payment of tax without additional charge | - | 30-06-20214 | 31-08-2021 |
Direct Tax Vivad se Vishwas Act, 2020 | Payment of tax with additional charge | - | - | 31-10-2021 |
Section 153/153B | Passing of order for assessment or reassessment by AO |
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| • Cases where on account of various extension notifications, the due date is getting expired on 31-03-2021. | - | 30-06-2021 | 30-09-2021 |
| • Cases where due date is getting expired on 31-03-2021 without giving effect of any extension notification. | 31-03-2021 | 30-09-2021 | 30-09-2021 |
Section 144C(2) | Filing of objections to DRP and AO | 01-06-2021 or thereafter | - | 31-08-20215 |
Section 168 of the Finance Act 2016 | Sending intimation of processing of Equalisation Levy |
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