INCOME TAX- Compliance Calendar for The Month of June 2021

Compliance Requirement Under Income Tax

  Sl.  Compliance Particulars  Due Dates    Due Dates  
1Deposits of TDS /TCS for the month of May 21.07-06-202107-06-2021
  2Due date for issue of TDS Certificate for tax deducted under section 194-IA, 194-IB and 194M in the month of April, 202114-06-202114-06-2021
3Due date for  First Installment of advance tax for the AY 2022-2315-06-202115-06-2021
4Form 3BB is the monthly statement to be furnished by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of May 2021    15-06-2021    15-06-2021
5Due date for issuance of TCS Certificate for Q4 of FY 2020-2115-06-202115-06-2021
6Certificate of TDS in respect of tax deducted for payments other than salary.15-06-202115-06-2021
7Extended Due date of filing of TDS return for TDS deducted during Q4 of FY 2020-21. The due date for furnishing of quarterly statement of TDS has been extended from May 31, 2021 to June 30, 2021 vide Circular no. 9/2021, dated 20-05-2021    31-05-2021    30-06-2021
8Due date of furnishing of Form 24G by an office of the Government where TDS/TCS for the month of May, 2021 has been paid without the production of a challan (Extended date Circular no. 9/2021, dated 20-05-2021)  15-06-2021  30-06-2021
9Return of tax deduction from contributions paid by the trustees of an approved superannuation fund (Extendeddate)  31-05-2021  30-06-2021
10Furnishing of Statement of financial transactions for person mentioned u/s 285BA (Extendeddate)  31-05-2021  30-06-2021
11Statement of Reportable Account where Information is required to be maintained and reported by reporting Financial Institutions with respect to reportable account.  31-05-2021  30-06-2021
12Linking of PANwith AADHAAR number is mandatory from 1st april 2019 (due date Extended from 31 March 2021 to 30th June 2021 vide notif. S.O. 1432(E), dated 31-03-202) (if not linking the PAN with AADHAAR number then the PAN will be inoperative and a person will not be able to conduct financial transactions)     30-06-2021
13Vivad se Vishwas Scheme– Settling tax disputes between individuals and the income tax department. Its declaration last date was 31st march though its payment last date without additional interest is 30th April 2021, these dates have been Extended to 30th June 2021 vide Notification S.O. 1704 (E), dated 27-04-2021       30-06-2021
14furnishing challan cum statement of TDS in respect of tax deducted u/s 194IA,194M, 194-IB 30-06-2021
  • Importatnt updates – MAY, 2021:

1. New e-filing portal to be mobile friendly, have manuals, videos: I-T Dept

The Income Tax Department on 29th May, 2021, said it will launch on June 7 its new portal e-filing 2.0, which will be mobile friendly, have pre-filled ITR form and simplified utility.

Giving the salient features of the “e-filing 2.0 portal”, the I-T Department said there will be a “all new mobile app” and taxpayers will have a step-by-step guidance with user manuals and videos.Besides, multiple options for on-portal tax payments, multiple options for login, helpdesk support and chatbot are the features in the portal.

2. New rules notified for determining deemed consideration for slump sale; key things to know

Union Budget 2021 introduced significant amendments in the provisions relating to the taxation of slump sale transactions. One of the key amendments is in relation to computation of consideration value for slump sale taxation. Earlier, the consideration actually paid or received on the slump sale was considered for determining the capital gains tax on the sale.CBDT has now prescribed the rules containing the mechanism relating to computation of the FMV in slump sale transactions.

The Finance Act, 2021 has however provided that to compute the tax arising on account of such slump sale, the Fair Market Value (FMV) of the capital assets (being an undertaking or division transferred by way of slump sale) shall be deemed to be full value of the consideration. However, the methodology to compute FMV was not prescribed by the Finance Act, 2021.

Important Notifications – For the month of May – 2021:

Sl.Particulars of the Notification(s)File No. / Circular No.Link(s)
1.The Income-tax (12th Amendment) Rules,2021.Notification No. 40/2021][F.No. 370142/8/2021-TPL  LINK
  2.Extension of time lines related to certain compliances by the Taxpayers underthe Income-tax Act 1961Circular No. 08/2021LINK
  3.Format, Procedure and Guidelines for submission of Statement of Financial Transactions(SFT) for MF Transactions by Registrar and Share Transfer AgentNotification No. 4 of 2021  LINK
  4.Format, Procedure and Guidelines for submission of Statement of Financial Transactions(SFT) for Depository TransactionsNotification No. 3 of 2021  LINK
  5.Amendments in the notification of theGovernment of India, Ministry of Finance, (Department of Revenue), number 85/2020, dated the 27th October, 2020,Notification No. 39/2021/ F.No. IT(A)/01/2020-TPL  LINK
  6.TheIncome-tax (11th Amendment) Rules, 2021.Notification No. 37/2021/ F. No. 370142/28/2020-TPL  LINK
  7TheIncome-tax (13th Amendment) Rules, 2021.Notification No. 41 /2021/ F. No. 370142/11/2018-TPL  LINK
8TheIncome-tax (14th Amendment) Rules, 2021[Notification No. 42/2021LINK
9TheCentralGovernment hereby specifies the pension fund, namely, the Caissede dépôt et placement du QuébecNotification No. 43/2021  LINK
10TheCentralGovernment hereby specifies the pension fund, namely, the CDPQ Infrastructures Asia III Inc.Notification No. 44/2021  LINK
11TheIncome tax (15th Amendment),Rules, 2021.Notification No. 50/2021  LINK
12Modificationof the Notification No. 14/2015 dated 16.02.2015Notification No. 47/2021  LINK
13Govt eases income tax norms for cash received by hospitals providing Covid treatmentNotification No. 56/2021  LINK
14Extension of time limits of certain compliances to provide relief totaxpayers in view of the severe pandemicCircular No. 9 of 2021  LINK
15Income Tax department to launch new e-filing portal for taxpayers on June 7Newspaper  LINK
16Procedure for exercise of option under sub-section (1) of section 245M and intimation thereof by furnishing and upload of Form No. 34BB under sub-rule (1) of Rule 44DA of Income-tax Rules, 1962.  Notification No. 05 of  2021      LINK
17Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemicCircular No. 9 of 2021  LINK
18TheIncome- tax (16th Amendment) Rules,2021Notification No.68 /2021/F. No.370142 /16 /2021-TPL  LINK
19Clarification regarding the limitation time for filing of appeals before the CIT(Appeals) under the Income-tax Act, 1961 (the Act)Circular No. 10/2021  LINK