As a result, the Central Commission for Direct Taxes (CBDT) has now extended the due date for the provision of the income statement for the tax year 2021-22, which is July 31, 2021 by a few months until until September 30, 2021.

Likewise, the board also extended the deadline for submitting the audit report under any provision of the Income Tax Act for the previous year 2020-2021, to October 31, 2021 from the earlier deadline of September 30, 2021.

In addition, the income tax service has extended the deadline for submitting the statement of financial transactions (SFT) for companies by one month to June 30, 2021 compared to May 31.

A one-month extension has also been granted to corporate taxpayers to submit the statement of account to be declared for the 2020 calendar year. This can now be submitted until June 30, 2021 from May 31, 2021.

Continuing its exercise to ease the burden of compliance, the CBDT also said that the tax deduction statement for the last quarter of fiscal year 2020-21, which must be provided no later than May 31, 2021, can now be provided. be provided. no later than June 30, 2021.

The CBDT has also given employers more time to issue a withholding tax certificate on Form 16. It must now be provided to the employee on or before July 15, 2021 compared to June 15, 2021 at the latest. early.

The compliance relating to the TDS / TCS accounting adjustment declaration in form No. 24G for the month of May 2021 has also been relaxed. It had to be furnished no later than June 15, 2021 and can now be furnished no later than June 30, 2021.

The CBDT has also extended the deadline for submitting the tax deduction statement on contributions paid by trustees of an approved retirement fund for the 2020-2021 fiscal year. It was supposed to be sent no later than May 31, 2021 and can now be sent no later than June 30, 2021.

Likewise, the statement of income paid or credited by an investment fund to its unitholder on form No. 64D for the previous year 2020-2021, which must be provided no later than June 15, 2021, has been extended until June 30, 2021 or before, 2021.

Continuing its exercise to ease the burden of compliance, the CBDT also stated that the statement of income paid or credited by an investment fund to its unitholder on Form No. 64C for the previous year 2020-21 , which must be provided no later than June 30, 2021 can now be furnished no later than July 15, 2021.

The tax department has also given businesses more time to file their tax returns. As a result, the due date for filing the income tax return for the 2021-22 tax year, which is October 31, 2021 for them, has been extended by one month until November 30, 2021.

For another category of taxpayers who had the due date for providing the tax return for the tax year 2021-22, for November 30, 2021, can now do so by December 31, 2021.

In addition, the due date for the submission of an accountant’s report by persons who conclude an international transaction or a national transaction determined under section 92E of the law for the previous year 2020-2021, which is October 31, 2021, is postponed to November 30, 2021.

The tax department has also given more time to taxpayers who are already late in filing their returns. Thus, the due date for the submission of the late / revised income tax return for the tax year 2021-22, which is December 31, 2021, has been postponed to January 31, 2022.

The flexibilities are the latest among recent government initiatives to make it easier for taxpayers to meet their obligations in order to provide a break from these difficult times.

The government also relaxed a few tax compliance issues also on May 1.



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