Direct tax – Important due dates for October 2021 and Notification/Circular/Press Release/Order of September 2021 – SK Patodia

Direct tax – Important due dates for October 2021 and Notification/Circular/Press Release/Order of September 2021

Due Date for Income tax Compliance (OCTOBER 2021)

7th October2021 Deposit of TDS/TCS deducted /collected for the month of September, 2021
7th October2021 Deposit of TDS deducted for the period July 2021 to September 2021 when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H
15thOctober2021 Quarterly statement of TCS deposited for the quarter ending September 30, 2021
15th October 2021 Uploading of the declaration in Form No.15G/15H during the quarter ending September, 2021.
30th October 2021 Furnishing of challan-cum-statement in respect of tax deducted under section 194-IA/194-IB and 194M in the month of September, 2021
30th October 2021 Quarterly TCS certificate for the quarter ending September 30, 2021.
31th October 2021 Quarterly statement of TDS deposited for the quarter ending September 30, 2021
31st October2021 Payment of tax under the Direct Tax Vivad se Vishwas Act, 2020 with additional charge

 

Income Tax Notifications and Circulars – September 2021

 

  • Senior citizen required to submit new Form 12BBA to Bank :

 

As per recent changes a senior citizen will not be required to file the return of income if the following conditions are satisfied:

(a) Such senior citizen should be resident in India;

(b) His age during the relevant previous year is 75 years or more;(c) His income includes only pension and specified interest income;(d) The interest should be received or receivable from any account maintained by such individual in the specified bank;

(e) His pension income should be received in the same specified bank;

 

Bank will deducts income-tax on such total income after allowing deduction and rebate. Bank will issue Form 16 (format revised) for tax deducted as per provisions of Section 194P.

 

As per notification Notification No. 99 /2021 dated 2nd Sep 2021; declaration in Form 12BBA is required to be furnished by the specified senior citizen to the bank along with evidence for deduction allowable under Chapter VI-A (like LIC, Mediclaim etc)

 

  • Certain assessment will not be under faceless scheme : CBDT order dated 6th Sep 2021:                                                                                                                                                                                                                                

 

Faceless Assessment Scheme was introduced to provide greater transparency. The Scheme as of now excludes assessments made by International Taxation jurisdictions and assessments following Income Tax search and other cases that may be assigned to Central Charges.

 

Vide order dated 6th Sep 2021, CBDT has issued direction that cases where pendency could not be created by ITBA because of technical reasons or cases not having PAN will not under faceless scheme.

 

  • Faceless Income Tax Assessment – easing the process of authentication:

 

As per Sec 144B of income tax act, an electronic record (submissions uploaded) shall be authenticated by assessee or any other person, by affixing his digital signature if he is required to furnish his return of income under digital signature, and in any other case, by affixing his digital signature or under electronic verification code in the prescribed manner.

 

For easing the process of authentication rules are amended and it is provided that electronic records submitted through registered account of the taxpayers in the Income-tax Department’s portal shall be deemed to have been authenticated by the taxpayer by electronic verification code (EVC).

 

[G.S.R. 616(E) dated 6th September, 2021 and Press release dated 07 SEP 2021]

 

  • Extension of timelines :


 

  • Due date extended – Aadhar Link, Penalty order and proceedings under Benami act

 

  1. Linking of PAN with Aadhaar has been extended to 31st March, 2022.
  2. Completion of penalty proceedings extended to 31st March, 2022.
  3. Passing order under Benami Act, extended to 31st March, 2022.

 

  • Verification of specified income tax returns allowed through EVC instead of DSC

 

Order u/s 119 (2)(a) of the Income-tax Act,1961 dated 24.9.21

 

Due to technical issues in the e-filing portal, returns furnished u/ 142(1), 148. 153A and 153C during the period from 07.06.2021 to 30 09 2021 and verified through EVC instead of DSC, shall be deemed to be valid