Direct tax – Due dates for May 2021 and Notification/Circular of April 2021 – SK Patodia

Direct tax – Due dates for May 2021 and Notification/Circular of April 2021

Due Date for Income tax Compliance

7th May 2021 Deposit of TDS/TCS for the month of April,2021
15th May 2021 Issue of TDS Certificate for tax deducted under section 194-IA/194IB and 194M in the month of March, 2021
15th May 2021 TCS return filing for the Quarter ending 31st March 2021
30th May 2021 Furnishing of challan-cum-statement in respect of tax deducted under section 194-IA/194IB and 194M in the month of April, 2021
30th May 2021 Issue of TCS certificate for 4th Quarter of Financial Year 2020-21
31st May 2021* Furnishing of challan-cum-statement in respect of tax deducted under section 194-IA/194IB and 194M in the month of March, 2021
31st May 2021* Filing of belated/revised income tax return for the AY 2019-20 for all assessee (provided assessment has not been completed before May 31, 2021)
31st May 2021* Deductor’s is required to file the declaration in Form no.61 containing particulars of Form No. 60 (Deductee not having PAN) received during the period October 1, 2020 to March 31, 2021
31st May 2021* Filling of Statement of Financial Transactions (‘SFT’) form in Form no. 61 for the transactions undertaken in Financial year 2020-21
31st May 2021* TDS return filing for the quarter ending March 31, 2021
31st May 2021* Return filing in response to the notice under section 148 where due date is falling between 1 April 2021 to 30th May 2021 (Vide Circular 08/2021, dated 30-04-2021)
31st May 2021* Filing of Commissioner of Income Tax Appeal in Form 35 if due date for filling appeal is falling between 1 April 2021 to 30th May 2021 (Vide Circular 08/2021, dated 30-04-2021)

*Vide Circular 08/2021, dated 30-04-2021, belated return /revised income tax return filing date has been extended from 31st March 2021 to 31st May 2021. In other cases, it is extended from 30th April 2021 to May 2021

Notification

  • New Income Tax Return Form for AY 2021-22
  • CBDT notifies the new income Tax forms for AY 2021-22. In the notified forms, no significant changes have
    been made since last year

    (Notification No. 21/2021 F. No. 370142/5/2021-TPL, dated 31st March 2021)

  • Procedure and guidelines for submission of statement of Financial Transactions for interest income and dividend income
  • For the purposes of pre-filling the return of income, SFT is also required to be furnish for capital gain
    on sale of listed securities/units of mutual fund, interest income and dividend income by following
    reporting entities:

    Nature of Transactions Reporting Entities
    Capital gain on sale of listed securities and units of Mutual fund Recognized stock exchange, depository and recognized clearing corporation
    Interest income Banking company, post master general and NBFC
    Dividend Income Company

    To ease the filing of SFT return for interest, dividend and depository transactions, CBDT, notifies the format, procedure and guidelines
    (Notification no.1 of 2021, Notification no 2 of 2021 & Notification no.3 of 2021 Dated 20th April 2021)

  • Extension of time limit for passing order and issuing notice
  • Following Time limit which was expiring on 30 April, 2021 shall stand extended to 30 June, 2021

    • To pass the assessment order u/s 143(3)/147/144C (Pursuant to the direction of DRP);
    • Issuance of notice for income escaping assessment u/s 148
    • Sending an intimation of processing of Equalization levy under sub section (1) of 168 of
      Finance Act, 2016

    (Notification no.38/2021 /F.no. 370142/35/2020-TPL, dated 27th April,2021)

  • Payment under Vivad se Vishwas Act,2020 is further extended to 30 June 2021
  • (Notification No. 39/2021/ F.No. IT(A)/01/2020-TPL, dated 27th April 2021)