Revised Income Tax Due Dates for FY 2020-21

Keeping in mind the genuine difficulties faced by a taxpayer due to the ongoing Covid-19 situation across the country, The Central Board of Direct Taxes (CBDT) in exercise of its powers under section 119 of the Income-tax Act, 1961 (hereinafter referred to as “the act”) provides relaxation in respect of the following compliance –

1. Statement of Financial Transactions (SFT) under Rule 114E
SFT for FY 2020-21, required to be furnished on or before 31^st May, 2021 under Rule 114E of Income Tax Rules, 1962 may now be furnished on or before 30^th June 2021.
SFT is a report of specified financial transactions by specified persons including specified financial institutions, which needs to be submitted to the Income Tax authority or such  other specified authority or agency.

2. Statement of Reportable Account under Rule 114G
The department has extended the due date for submitting the Statement of Reportable Account for the calendar year 2020, from 31^st May, 2021 to 30^th June, 2021.
Section 285BA provides for furnishing of statement by a prescribed reporting financial institution in respect of specified financial transaction or reportable account. This statement for each calendar year is furnished in Form No 61B.

3. TDS return for 4^th Quarter of FY 2020-21
The Statement of Deduction of Tax for the 4^th Quarter of Assessment year 2021-22, required to be furnished by the deductor on or before 31^st of May, 2021 under Rule 31A of the Rules can now be furnished on or before 30^th June, 2021.

4. Issuance of TDS Certificate in Form 16
For Assessment year 2021-22, the due date to furnish Form 16 to an employee was 15^th June, 2021 under Rule 31 of the Rules. The Department has now extended the due date to 15^th July, 2021.
Employer deducting TDS from salary of an Employee, must provide the deductee (employee) a TDS Certificate in Form 16 within 15 days from the date of filing return.

5. TDS/TCS Book Adjustment Statement – Form 24G
The TDS/TCS Book Adjustment Statement in Form 24G for the month of May, 2021 which was earlier required to be furnished on or before 15^th June, 2021 under Rule 30 and Rule 37CA of the Rules, can now be furnished on or before 30^th June, 2021.
Form 24G contains information of TDS for Account Officers (AO). The AO has to submit the details to Drawing and Disbursing Officer for the processing of TDS.

6. TDS Return by the Trustees of an approved Superannuation Fund
The statement of Deduction of Tax from contributions paid by the trustees of an approved superannuation fund for the Assessment year 2021-22, required to be sent on or before 31^st of May, 2021 under Rule 33 of the Rules, may now be sent on or before 30^th June, 2021.

7. Statement of Income paid by Investment fund to its unit holder – Form 64D
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 15^th June, 2021 under Rule 12CB of the Rules, can be furnished on or before 30^th June, 2021.

8. Statement of Income paid by Investment fund to its unit holder – Form 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 30^th June, 2021 under Rule 12CB of the Rules, can be furnished on or before 15^th July, 2021.

9. Income Tax Return for Person not filing Tax Audit Report for the Assessment Year 2021-22
Person who is not required to file Audit Report under Section 44AB, must file the Return of Income for the Assessment Year 2021-22 within 31^st July, 2021 under Sub Section (1) of Section 139 of the Act. The same is now extended to 30^th September, 2021.

10. Tax Audit Report for Assessment year 2021-22
The due date of furnishing of Report of Audit under any provision of the Act for the Previous year 2020-21, being 30^th September, 2021, is now extended to 31^st October, 2021.

11. Transfer Pricing Report u/s 92E
 The due date for 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 was 31^st October, 2021 is now extended to 30^th November, 2021.

12. Income Tax Return filing for Person filing Tax Audit Report for the Assessment Year 2021-22
As per Section 139(1) of the Act, the due date for filing Income Tax Return by a person who is required to file Audit Report as per Section 44AB for Assessment Year 2021-22 was 31^st October, 2021 and is now extended to 30^th November, 2021.

13. Return of Income for filing Transfer Pricing Report for Assessment Year 2021-22
As per Section 139(1) of the Act, the due date for filing Income Tax Return by a person who is required to file Transfer Pricing Report as per Section 92E for Assessment Year 2021-22 was 30^th November, 2021 and is now extended to 31^st December, 2021.

14. Belated / Revised Return of Income for Assessment Year 2021-22
The due date of furnishing of Belated / Revised Return of Income for the Assessment Year 2021-22, was 31^st December 2021 under Sub-Section (4) / Sub-Section (5) of Section 139 of the Act, and is now extended to 31st January 2022.