MRink - Finance and Income Tax

On consideration of difficulties reported by taxpayers & other stakeholders in electronic filing of certain Forms under the IT Act,1961, CBDT has further extended the due dates for electronic filing of such Forms. CBDT Circular No.16/2021 dated 29.08.2021 issued. Copy of press release:

In press release dated 29th August, 2021 the CBDT has extended Date of payment under the Direct Tax Vivad se Vishwas Act, 2020 (without additional amount) to 30th September, 2021. The last date for payment of the amount (with additional amount) remains 31st October, 2021 Copy of press release:

On 28th August, 2021 press release has been issued by the ministry of finance, wherein the CBDT invites comments on the draft notification for framing of rules for the amendments made by the Taxation Laws(Amendment) Act, 2021, which is in connection to nullify the retrospective taxation. Suggestions can be furnished at ustpl1@nic.in latest by 4th September, 2021. Draft notification is available at below given link: Draft notification Copy of press release is provided hereunder for reference:

  In today’s scenario, where certain relief/ extensions are being granted by the CBDT regarding reporting/ filing of Income Tax Compliances, it has become somehow difficult to remember the actual due date of the same. One needs to comply with the filing/ reporting requirement within applicable due dates, as failure to which will result into the levy of penalty or interest or both. However, dear readers you don’t have to bother about it, we have made it easy for you to take note of applicable due dates by providing the details in simpler way as follows: Chart for Income tax related due dates for the FY 2020-21 (AY 2021-22) Due date chart- FY 2020-21 (AY 2021-22) Reporting/ Filing requirements Original Due date Extended due date (Note-1) 1. SFT filing- Form No. 61A 31-05-2021 30-06-2021 2. TDS return for 4th Quarter 31-05-2021 30-06-2021 3. Tax Audit Report- Form No. 3