CIRCULAR EXTENDING INCOME TAX COMPLIANCE DEADLINES IN THE CONTEXT OF COVID-19
In light of the genuine hardship that taxpayers are experiencing in complying with various provisions of the Income-tax Act, 1961 as a result of the severe pandemic, the Central Board of Direct Taxes, in exercising its power under Section 119 of the Act, relaxes the following compliances:
- Objections to the Dispute Resolution Panel (DRP) and the Assessing Officer under section 144C of the Act, for which the final date of filing is the 1st June, 2021 or later, may be submitted within the time allowed by that Section or by the 31st August, 2021, whichever is later.
- The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21, which was due on or before May 31, 2021 under Rule 31A of the Income-tax Rules, 1962, but was extended to June 30, 2021 may now be filed on or before July 15, 2021.
- The Certificate of Tax Deducted at Source in Form No.16, which was supposed to be given to the employee by the 15th of June 2021 under Rule 31 of the Rules, but was extended to the 15th of July 2021 can now be given on or before the 31st of July 2021.
- The Statement of Income paid or credited by an investment fund to its unit holders in Form No. 64D for the previous year 2020-21, which was due on or before June 15, 2021 under Rule 12CB of the Rules, but was extended to June 30, 2021 may be due on or before July 15, 2021.
- The Statement of Income paid or credited by an investment fund to its unit holders in Form No. 64C for the previous year 2020-21, which was required to be furnished on or before June 30, 2021 under Rule 12CB of the Rules, but was extended to July 15, 2021 may be furnished on or before July 31, 2021.
- The application 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, in Form No. 10A/ Form No.10AB;
- The compliances to be made by taxpayers, such as investment, deposit, payment, acquisition, purchase, construction, or any other action, by whatever name called, for the purpose of claiming any exemption under the provisions of Section 54 to 54GB of the Act, for which the last date of compliance falls between April 1, 2021 and September 29, 2021 (both days inclusive), may be completed on or before 30 September 2021.
- The Quarterly Statement in Form No. 15CC necessary to be supplied by authorised dealers in respect of remittances made for the quarter ending on June 30, 2021, and required to be furnished on or before July 15, 2021 under Rule 37 BB of the Rules, may be furnished on or before July 31, 2021.
- The Equalization Levy Statement in Form No. 1 for the Financial Year 202021, which must be filed by June 30, 2021, may be submitted on or before July 31, 2021.
- The Annual Statement needed to be filed by an eligible investment fund under sub-section (5) of section 9A of the Act in Form No. 3CEK for the Financial Year 2020-21, which is due on or before June 29, 2021, may be filed on or before July 31, 2021.
- Uploading of declarations received from beneficiaries in Form No. 15G/15H for the quarter ending on June 30, 2021, which are due on or before July 15, 2021, may be done by August 31, 2021;
- Exercising an option under Section 245 M of the Act in Form No. 34BB that was due to be exercised on or before June 27, 2021, can now be done on or before July 31, 2021.
VC/OAVM EGMS ARE PERMITTED FOR COMPANIES UNTIL DECEMBER 31, 2021
Clarification on passing of ordinary and special resolutions by companies under the Companies Act, 2013 and its rules on account of COVID-19-time extension -reg. Following the Ministry’s General Circulars issued April 8, 2020, April 13, 2020, June 15, 2020, September 28, 2020, and December 31, 2020, it has been determined to allow enterprises to hold their EGMs.
It has been determined to allow enterprises to conduct their EGMs through VC or OAVM or transact goods via postal ballot until December 31, 2021, in compliance with the framework provided in the aforementioned Circulars. All other obligations set forth in the Circulars will continue in effect.