LAST DATE EXTENDED for PAN-Aadhaar Linking, Vivad Se Vishwas and TDS certificate - What Government, Income Tax department CONFIRMED

The government on Friday extended deadlines for various income tax compliances. The income tax department, in a statement, said the payment deadline for Vivad Se Vishwas direct tax dispute resolution scheme has been extended by two months till August 31.

Taxpayers can make payments till October 31 with additional amount of interest.

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The last date for PAN-Aadhaar linking too has been extended by three months to September 30, 2021.

वित्त राज्य मंत्री अनुराग ठाकुर का बयान-

> PAN से आधार लिंक करने की समयसीमा 3 महीने बढ़ाई
> विवाद से विश्वास स्कीम की डेडलाइन बढ़ाकर 31 अगस्त की
> इनकम टैक्स कंप्लायंस को सरल कर रहे हैं#AnuragThakur pic.twitter.com/ZGUqzUmBwF

— Zee Business (@ZeeBusiness) June 25, 2021

The deadline for employers to furnish Tax Deducted at Source (TDS) certificate in Form 16 to employees too has been extended till July 31, from July 15, 2021.

Extension of Timelines: FULL LIST

In view of the impact of the Covid-19 pandemic, taxpayers are facing inconvenience in meeting certain tax compliances and also in filing response to various notices. In order to ease the compliance burden of taxpayers during this difficult time, reliefs are being provided through Notifications nos. 74/2021 & 75/2021 dated 25th June, 2021 Circular no. 12/2021 dated 25th June, 2021. These reliefs are:

1) Objections to Dispute Resolution Panel (DRP) and Assessing Officer under section 144C of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) for which the last date of filing under that section is 1st June, 2021 or thereafter, may be filed within the time provided in that section or by 31st August, 2021, whichever is later.

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, may be 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, may be 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, may be 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, may be furnished on or before 31st July, 2021.

6) The application under Section 10(23C), 12AB, 35(1)(ii)/(iia)/(iii) and 80G of the Act in Form No. 10A/ Form No.10AB, for registration/ provisional registration/ intimation/ approval/ provisional approval of Trusts/ Institutions/ Research Associations etc., required to be made on or before 30th June, 2021, may be made on or before 31st August, 2021.

7) The compliances to be made by the taxpayers such as investment, deposit, payment, acquisition, purchase, construction or such other action, by whatever name called, for the purpose of claiming any exemption under the provisions contained in Section 54 to 54GB of the Act, for which the last date of such compliance falls between 1st April, 2021 to 29th September, 2021 (both days inclusive), may be completed on or before 30th September, 2021.

8) The Quarterly Statement in Form No. 15CC to be furnished by authorized 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.

9) The Equalization 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.

10) 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.

11) Uploading of the declarations received from recipients in Form No. 15G/15H during the quarter ending 30th June, 2021, which is required to be uploaded on or before 15th July, 2021, may be uploaded by 31st August,2021.

12) 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.

13) Last date of linkage of Aadhaar with PAN under section 139AA of the Act, which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.

14) Last date of payment of amount under Vivad se Vishwas(without additional amount) which was earlier extended to 30th June, 2021 is further extended to 31st August, 2021.

15) Last date of payment of amount under Vivad se Vishwas (with additional amount) has been notified as 31st October, 2021.

16) Time Limit for passing assessment order which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.

17) Time Limit for passing penalty order which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.

18) Time Limit for processing Equalisation Levy returns which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.

Shailesh Kumar, Partner, Nangia & Co LLP, said, "The press release provides the much needed tax relief to taxpayers, who have suffered from COVID and received monetary help from their employer, friends and extended families, either for treatment of COVID or on account of death of a family member from COVID.  Though the relief is granted retrospectively from FY 2019-20 onwards, since the due date for filing ITR for FY 2019-20 has already expired, it would be important to see, whether the Government revives the time limit for filing ITR for FY 2019-20."

"The extension of various due dates, be it for PAN-AADHAAR linking, for payment of tax/ penalty under Vivaad se Vishwas scheme, completion of assessment proceedings, completion of penalty proceedings, registration of charitable trusts and institutions for income tax exemption, etc. will provide additional time, both to taxpayers as well as tax authorities for meeting the timeline."

On the same side, Amit Maheshwari, Managing Partner, AKM Global, said, "This is a welcome and much needed relief brought in by the CBDT. The taxpayers genuinely faced several difficulties whenever they were hospitalised or otherwise subject to rigorous medication. COVID treatment has also turned out to be costly for quite a lot of people. The exemption for amount received for medical treatment will provide some respite and we hope that many taxpayers would get benefitted by this. The exemption of ex-gratia amount received on death is also a good step and will provide some respite to the effected families."