Income Tax Update/2021 22/01

SNR Income Tax Update

Income Tax/2021 22/01                                                                                                                                                             20 May 2021

As a major relief to the taxpayers battling the second surge in Covid-19 pandemic, the Central Board of Direct Taxes [CBDT] has extended various due dates for Financial Year 2020-21 (Assessment Year 2021- 22) by way of Circular No. 09/2021 issued on 20^th May 2021. Below is the summary of extensions granted on due dates:

Particulars	Financial Year	Original Due Date	Extended Due Date
Statement of   Financial   Transactions [SFT]	2020-21	31-05-2021	30-06-2021
Statement of Reportable Account	2020	31-05-2021	30-06-2021
TDS Return	2020-21 [4th Quarter]	31-05-2021	30-06-2021
Issue of TDS Certificates in Form 16	2020-21	15-06-2021	15-07-2021
TDS/TCS Book Adjustment Statement in Form 24G	May, 2021	15-06-2021	30-06-2021
TDS Return by trustee of an Approved Superannuation Fund	2020-21	31-05-2021	30-06-2021
Statement of   Income   paid   by   an Investment Fund in Form 64D	2020-21	15-06-2021	30-06-2021
Statement of   Income   paid   by   an Investment Fund in Form 64C	2020-21	30-06-2021	15-07-2021
Due Date of Filing Tax Audit Report	2020-21	30-09-2021	31-10-2021
Due Date of Filing TP Audit Report	2020-21	31-10-2021	30-11-2021
Due Date of Filing ITR [For Non-Corporates & No Audit Cases]	2020-21	31-07-2021	30-09-2021 [Refer Notes Below]
Due Date of Filing ITR [For Corporates & Tax Audit Cases]	2020-21	30-09-2021	31-10-2021 [Refer Notes Below]
Due Date of Filing ITR [For TP Audit Cases]	2020-21	30-11-2021	31-12-2021 [Refer Notes Below]
Due Date of Filing Belated/Revised ITRs	2020-21	31-12-2021	31-01-2022

Note:

1. No extension in case Tax Due exceeds ₹ 1 Lac:
   1. Section 234A of the Act prescribes levy of Interest @ 1% per month or part of the month on tax due, in case of filing of ITRs beyond the due dates prescribed as per section 139(1).
   2. The CBDT has specified that the normal interest u/s 234A shall continue to be levied in case of filing of ITRs beyond the due dates specified u/s 139(1) [without considering the extensions provided by the circular] in case where tax due [after making adjustments for Advance Tax, TDS and Relief u/s 89, 90 and 90A] exceeds ₹ 1

 

2.    Relief to Senior Citizens in payment of Advance Tax:

1. Section 207 prescribes that tax paid by a taxpayer within the same financial year shall be regarded as an advance.

Now, the CBDT has clarified that a senior citizen not having any income from Business and Profession during the FY 2020-21 and paying his tax dues as Self-Assessment Tax up to the due date of filing of ITR as prescribed by section 139(1) [without considering the extensions provided by the circular] shall be considered as Advance Tax.