Income tax due date: This article contains various Compliance requirements for the Month of May, 2021 under Income Tax Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure. “If you think compliance is expensive, try non‐ compliance”
Income Tax due date calendar
| Sl. | Compliance Particulars | Due Dates |
| 1 | Deposits of TDS /TCS for the month of April 21. | 07-05-2021 |
| 2 | Equalisation levy payment due date for the month of April 21 in respect of equalisation levy on “specified services”. | 07-05-2021 |
| 3 | TDS Certificate issue due date for tax deducted under section 194-IA in the month of March 2021. | 15-05-2021 |
| 4 | TDS Certificate issue due date for tax deducted under section 194-IB in the month of March 2021. | 15-05-2021 |
| 5 | TDS Certificate issue due date for tax deducted under section 194-IM in the month of March 2021. | 15-05-2021 |
| 6 | TCS quarterly return for the quarter ended on March 2021. | 15-05-2021 |
| 7 | Form no 3BB by a Stock Exchange for month of April 2021. The said to be furnished by Stock Exchange in respect of transactions in which client codes been modified after registering in the system. | 15-05-2021 |
| 8 | Due Date by Government’s office for furnishing of Form 24G. (TDS for the month of April 21 without challan production) | 15-05-2021 |
| 9 | Form No 49C statement submission by non-resident having a liaison office in India for the Financial year 2020-21. | 30-05-2021 |
| 10 | Due date for furnishing of challan cum statement in respect of tax deducted under section 194-IA in the month of April 2021. | 30-05-2021 |
| 11 | Due date for furnishing of challan cum statement in respect of tax deducted under section 194-IB in the month of April 2021. | 30-05-2021 |
| 12 | Due date for furnishing of challan cum statement in respect of tax deducted under section 194-IM in the month of April 2021. | 30-05-2021 |
| 13 | TCS certificates issue for the quarter ended on March 2021 of Financial year 2020-21. | 30-05-2021 |
| 14 | Quarterly TDS return for the quarter ended on March 2021 of F.Y 2020-21. | 31-05-2021 |
| 15 | Return of Tax Deduction from contributions paid by the trustees of an superannuation fund. | 31-05-2021 |
| 16 | Statement of financial transaction due date in Form 61A under section 285BA(1) of F.Y. 2020-21. | 31-05-2021 |
| 17 | Due date for e-filing of annual statement of reportable accounts as required to be furnished under section 285BA(1)(k) (in Form No. 61B) for calendar year 2020 by reporting financial institutions. | 31-05-2021 |
| 18 | Application for allotment of PAN in case of non-individual resident person, which enters into a financial transaction of Rs. 2,50,000 or more during FY 2020-21 and hasn’t been allotted any PAN. | 31-05-2021 |
| 19 | Application for allotment of PAN in case of person being managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer of the person referred to in Rule 114(3)(v) or any person competent to act on behalf of the person referred to in Rule 114(3)(v) and who hasn’t allotted any PAN. | 31-05-2021 |
| 20 | Filing belated return of income tax u/s 139(4) for F.Y. 2019-20 extended to 31st May 2021 (which ended on 31st March 2021) | 31-05-2021 |
| 21 | Filing revised return of income tax u/s 139(5) for F.Y. 2019-20 extended to 31st May 2021 (which ended on 31st March 2021) | 31-05-2021 |
| 22 | Return filled in response to section 148 of Income tax Act – where income tax return had to be filed on or after 1st April 2021 – can now be filed upto 31st May 2021 | 31-05-2021 |
| 23 | Relaxation of Filing Appeal dates for Appeals to CIT (Appeals) extended to 31st May, 2021 (where such last date was 1st April, 2021 or after) | 31-05-2021 |
| 24 | Payments of TDS deducted u/s 194IA, 194IB and 194M and filing of challan-cum-statement on the same may be furnished on or before 31st May, 2021 (earlier date 30th April, 2021) | 31-05-2021 |
| 25 | Equalisation levy payment due date for the month of April 21 in respect of equalisation levy on “specified services”. | 31-05-2021 |
| 26 | TDS Certificate issue due date for tax deducted under section 194-IA in the month of March 2021. | 31-05-2021 |
| 27 | TDS Certificate issue due date for tax deducted under section 194-IB in the month of March 2021. | 31-05-2021 |
| 28 | TDS Certificate issue due date for tax deducted under section 194-IM in the month of March 2021. | 31-05-2021 |
Notes:
- The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 has extended due dates for compliance falling during the period from 20-03-2020 to 31-12-2020. Readers are requested to please check the relevant documents from below links:
| The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020. | Click here |
| Notification No. 88/2020 [F. No. 370142/35/2020-TPL] / SO 3906(E) dated 29 October, 2020. | Click here |
Important updates – April, 2021
1. ITR forms for FY 2020-21 notified by the govt
The government has notified the income tax return filing forms for the financial year 2020-21 via a notification dated March 31, 2021. As per the notification, some of the new elements in the forms are: ITR-1 cannot be used by an individual for whom income tax is deferred on ESOPs; if the return is being filed in response to any tax notice then DIN has to be mentioned.
ITR-1 has to be filed by individuals whose total income does not exceed Rs 50 lakh in a financial year. The income sources for ITR 1 include income from salaries, one house property, other sources such as interest income etc. and agriculture income up to Rs 5,000.The ITR-2 also asks for the DIN number if the ITR-2 is filed in the response to any tax notice from the tax department.
Read Also: CBDT notifies New Income Tax Return (ITR) Forms for AY 2021-22
2. Tax Alert! TDS to be levied at higher rate for non-filers of ITR
For those who have not filed their income tax return (ITR) but their income is liable for TDS deduction, there will be a levy of TDS at a higher rate. And, in case one does not have the PAN, the rate of tax deduction will even be higher. This new TDS rule will be effective from July 2021 as per the Budget announced by the Finance Minister.
3. Government extends certain timelines in light of the raging pandemic
In view of the severe Covid-19 pandemic raging unabated across the country affecting the lives of our people, and in view of requests received from taxpayers, tax consultants & other stakeholders that various time barring dates, which were earlier extended to 30th April, 2021 by various notifications, as well as under the Direct Tax Vivad se Vishwas Act, 2020, may be further extended, the Government has extended certain timelines today:
- Time limit for passing of any order for assessment or reassessment under the Income-tax Act, 1961(hereinafter called ‘the Act’ ) the time limit for which is provided under section 153 or section 153B thereof;
- Time limit for passing an order consequent to direction of DRP under sub-section (13) of section 144C of the Act;
- Timelimit for issuance of notice under section 148 of the Act for reopening the assessment where income has escaped assessment;
- TimeLimit for sending intimation of processing of Equalisation Levy under sub-section (1) of section 168 of the Finance Act 2016.
It has also been decided that time for payment of amount payable under the Direct Tax Vivad se Vishwas Act, 2020, without an additional amount, shall be further extended to 30th June, 2021.
Read Also: Income Tax: Highlights of Finance Bill 2021-22
Important Notifications – For the month of April – 2021:
| Sl. | Particulars of the Notification(s) | File No. / Circular No. | Link(s) |
| 1. | Extension of time lines related to certain compliances by the Taxpayers underthe Income-tax Act 1961 | Circular No. 08/2021 | LINK |
| 2. | Format, Procedure and Guidelines for submission of Statement of Financial Transactions(SFT) for Mutual Fund Transactions by Registrar and Share Transfer Agent | Notification No. 4 of 2021 | LINK |
| 3. | Format, Procedure and Guidelines for submission of Statement of Financial Transactions(SFT) for Depository Transactions | Notification No. 3 of 2021 | LINK |
| 4. | the Income-tax (12th Amendment) Rules, 2021 | Notification No. 40/2021] [F.No. 370142/8/2021-TPL | LINK |
| 5. | TheIncome-tax (11th Amendment) Rules, 2021. | Notification No. 37/2021/ F. No. 370142/28/2020-TPL | LINK |
| 6. | The Income-tax (7th Amendment) Rules, 2021 | Notification No. 21/ 2021 | LINK |
| 7 | Facilitation of the conduct of Faceless Assessment proceedings under section 144B of the said Act, | Notification No. 22/2021/F. No. 187/3/2020-ITA-I | LINK |
| 8 | To facilitate the conduct of Faceless Assessment proceedings under section 144B of the said Act | Notification No. 23/2021/F. No. 187/3/2020-ITA-I | LINK |
| 9 | Central Board of Direct Taxes | Notification No. 24/2021/F. No. 187/3/2020-ITA-I | LINK |
| 10 | The Central Board of Direct Taxes hereby authorises the Assistant Commissioner of Income-tax/Deputy Commissioner of Income-tax (NaFAC) | Notification No. 25/2021/F. No. 187/3/2020-ITA-I | LINK |
| 11 | TheIncome-tax (eighth Amendment) Rules, 2021. | Notification No. 28 /2021/F. No 370142/9/2018-TPL | LINK |
| 12 | Agreement between the Government of the Republic of India and theGovernment of the Islamic Republic of Iran for the avoidance of double taxation and prevention of fiscalevasion with respect to taxes on income | Notification No.29/2021/F.No.501/03/92-FTD-II | LINK |
| 13 | CBDT authorizes theDirector of Income Tax(Centralized Processing Centre), Bengaluru and Commissioner of Income-Tax (Exemption),Bengaluru for various matters | Notification No. 30 /2021/F.No. 370142/4/2021-TPL | LINK |
| 14 | TheIncome-tax(9th Amendment) Rules, 2021 | Notification No. 31/2021 / F.No.370142/19/2019-TPL | LINK |
| 15 | The Income-tax (10th Amendment) Rules, 2021 | Notification No. 32 /2021/F. No.370142/28/2020-TPL | LINK |
| 16 | Number of unique investors across Mutual Fund schemes also increased by 10% in FY 2020-21 | Twitter Updates | LINK |
| 17 | TheCentralGovernment hereby specifies the sovereign wealth fund | Notification No. 33/2021/ F. No. 370142/6/2021-TPL | LINK |
| 18 | Format, Procedure and Guidelines for submission of Statement of Financial Transactions(SFT) for Dividend income | Notification No. 1 of 2021 | LINK |
| 19 | Format, Procedure and Guidelines for submission of Statement of Financial Transactions(SFT) for Interest income | Notification No. 2 of 2021 | LINK |
| 20 | TheCentralGovernment hereby specifies the pension fund, namely, the Canada Pension Plan Investment Board | Notification No. 34/2021/F. No. 370142/39/2020-TPL | LINK |
Read Also: Income Tax Audit : New changes in TAR for AY 21-22
The author of the above article is CS Lalit Rajput, Partner at Xcede Consultech LLP.
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