Compliance Requirement Under Income Tax
| Sl. | Compliance Particulars | Due Dates | Due Dates |
| 1 | Deposits of TDS /TCS for the month of May 21. | 07-06-2021 | 07-06-2021 |
| 2 | Due date for issue of TDS Certificate for tax deducted under section 194-IA, 194-IB and 194M in the month of April, 2021 | 14-06-2021 | 14-06-2021 |
| 3 | Due date for First Installment of advance tax for the AY 2022-23 | 15-06-2021 | 15-06-2021 |
| 4 | Form 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 |
| 5 | Due date for issuance of TCS Certificate for Q4 of FY 2020-21 | 15-06-2021 | 15-06-2021 |
| 6 | Certificate of TDS in respect of tax deducted for payments other than salary. | 15-06-2021 | 15-06-2021 |
| 7 | Extended 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 |
| 8 | Due 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 |
| 9 | Return of tax deduction from contributions paid by the trustees of an approved superannuation fund (Extendeddate) | 31-05-2021 | 30-06-2021 |
| 10 | Furnishing of Statement of financial transactions for person mentioned u/s 285BA (Extendeddate) | 31-05-2021 | 30-06-2021 |
| 11 | Statement 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 |
| 12 | Linking 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 | |
| 13 | Vivad 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 | |
| 14 | furnishing 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 1961 | Circular No. 08/2021 | LINK |
| 3. | Format, Procedure and Guidelines for submission of Statement of Financial Transactions(SFT) for MF Transactions by Registrar and Share Transfer Agent | Notification No. 4 of 2021 | LINK |
| 4. | Format, Procedure and Guidelines for submission of Statement of Financial Transactions(SFT) for Depository Transactions | Notification 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 |
| 7 | TheIncome-tax (13th Amendment) Rules, 2021. | Notification No. 41 /2021/ F. No. 370142/11/2018-TPL | LINK |
| 8 | TheIncome-tax (14th Amendment) Rules, 2021 | [Notification No. 42/2021 | LINK |
| 9 | TheCentralGovernment hereby specifies the pension fund, namely, the Caissede dépôt et placement du Québec | Notification No. 43/2021 | LINK |
| 10 | TheCentralGovernment hereby specifies the pension fund, namely, the CDPQ Infrastructures Asia III Inc. | Notification No. 44/2021 | LINK |
| 11 | TheIncome tax (15th Amendment),Rules, 2021. | Notification No. 50/2021 | LINK |
| 12 | Modificationof the Notification No. 14/2015 dated 16.02.2015 | Notification No. 47/2021 | LINK |
| 13 | Govt eases income tax norms for cash received by hospitals providing Covid treatment | Notification No. 56/2021 | LINK |
| 14 | Extension of time limits of certain compliances to provide relief totaxpayers in view of the severe pandemic | Circular No. 9 of 2021 | LINK |
| 15 | Income Tax department to launch new e-filing portal for taxpayers on June 7 | Newspaper | LINK |
| 16 | Procedure 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 |
| 17 | Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic | Circular No. 9 of 2021 | LINK |
| 18 | TheIncome- tax (16th Amendment) Rules,2021 | Notification No.68 /2021/F. No.370142 /16 /2021-TPL | LINK |
| 19 | Clarification 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 |
