New extensions granted for timelines under Income Tax compliances

The Ministry of Finance through Press Release dated 25.06.2021 has published the new extensions granted in timelines of Income Tax compliances. A new legislation is proposed in order to provide relief to the family members of deceased taxpayers. It has been decided to provide income-tax exemption to ex-gratia payment received by family members of a person from the employer of such person or from other person on the death of the person on account of Covid-19 during FY 2019-20 and subsequent years. The exemption shall be allowed without any limit for the amount received from the employer and the exemption shall be limited to Rs. 10 lakh in aggregate for the amount received from any other persons. The following relaxations of provided:

1. The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21, required to be furnished on or before 31^st May, 2021 under Rule 31A of the Income-tax Rules,1962 may be furnished on or before 15^th July, 2021.
2. The Certificate of Tax Deducted at Source in Form No.16, required to be furnished to the employee by 15^th June, 2021 under Rule 31 of the Rules, may be furnished on or before 31^st July, 2021.
3. The Quarterly Statement in Form No. 15CC to be furnished by authorized dealer in respect of remittances made for the quarter ending on 30^th June, 2021, required to be furnished on or before 15^th July, 2021 under Rule 37 BB of the Rules, may be furnished on or before 31^st July, 2021.
4. The Equalization Levy Statement in Form No. 1 for the Financial Year 2020-21, which is required to be filed on or before 30^th June, 2021, may be furnished on or before 31^st July, 2021.
5. The Annual Statement required to be furnished under sub-section (5) of section 9A of the Act by the eligible investment fund in Form No. 3CEK for the Financial Year 2020-21, which is required to be filed on or before 29^th June, 2021, may be furnished on or before 31^st July, 2021.
6. Uploading of the declarations received from recipients in Form No. 15G/15H during the quarter ending 30^th June, 2021, which is required to be uploaded on or before 15^th July, 2021, may be uploaded by 31^st August,2021.
7. Last date of linkage of Aadhaar with PAN under section 139AA of the Act, which was earlier extended to 30^th June, 2021 is further extended to 30^th September, 2021.