Income Tax LAST DATES ALERT! Top 9 things to do this month before 31 July

The Finance Ministry has extended deadlines for various income tax compliances. In view of the impact of the Covid-19 pandemic, taxpayers are facing inconvenience in meeting certain tax compliances and also in filing the response to various notices. In order to ease the compliance burden of taxpayers during this difficult time, reliefs are being provided. These reliefs are: 

1) The Central Board of Direct Taxes (CBDT) has granted further relaxation in the electronic filing of forms 15CA and 15CB. It has now been decided to extend the aforesaid date to 15 July 2021. As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA and 15CB electronically. Currently, taxpayers upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, wherever applicable, on the e-filing portal, before submitting the copy to the authorised dealer for any foreign remittance.

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In view of the difficulties reported by taxpayers in electronic filing of Income Tax Forms 15CA/15CB on the portal www.incometax.gov.in, it had earlier been decided by CBDT that taxpayers could submit Forms 15CA/15CB in manual format to the authorised dealer till 30th June 2021. 

2)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 Income-tax Rules,1962 (hereinafter referred to as “the Rules”), as extended to 30th June 2021 vide Circular No.9 of 2021, maybe furnished on or before 15th July 2021. 

3) The Certificate of Tax Deducted at Source in Form No.16, required to be furnished to the employee by 15th June, 2021 under Rule 31 of the Rules, as extended to 15th July 2021 vide Circular No.9 of 2021, maybe furnished on or before 31st July 2021. 

4) 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 15th June 2021 under Rule 12CB of the Rules, as extended to 30th June 2021 vide Circular No.9 of 2021, maybe furnished on or before 15th July 2021. 

5) 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, as extended to 15th July 2021 vide Circular No.9 of 2021, maybe furnished on or before 31st July 2021. 

6) The Quarterly Statement in Form No. 15CC to be furnished by authorised dealer in respect of remittances made for the quarter ending on 30th June 2021, required to be furnished on or before 15th July 2021 under Rule 37 BB of the Rules, may be furnished on or before 31st July 2021. 

7) The Equalisation Levy Statement in Form No. 1 for the Financial Year 2020-21, which is required to be filed on or before 30th June 2021, may be furnished on or before 31st July 2021. 

8) The Annual Statement required to be furnished under sub-section (5) of section 9A of the Act by the eligible investment fund in Form No. 3CEK for the Financial Year 2020-21, which is required to be filed on or before 29th June 2021, may be furnished on or before 31st July 2021. 

9) Exercising of option to withdraw pending application (filed before the erstwhile Income Tax Settlement Commission) under sub-section (1) of Section 245M of the Act in Form No. 34BB, which is required to be exercised on or before 27th June 2021, may be exercised on or before 31st July 2021.