Compliance Relaxations in India | COVID-19

1. Topic – Income tax compliance relaxations 
Date of Notification – 20 May 2021
Legal Framework: Income Tax Act, 1961 and relevant Rules thereto
Government Authority – Central Board of Direct Taxes (CBDT)
Web-linkCBDT Circular


Legal Update: Extension of time-limit in filing and reporting compliances:
– Statement of Financial Transaction (SFT in Form 61A) extended from 31 May to 30 June 2021
– Q4 TDS/ Withholding Tax Return extended from 31 May to 30 June 2021
– Issue of Q4 TDS / Withholding Tax Certificates in Form 16 extended from 15 June to 15 July 2021
– Individual Income Tax Return (ITR) extended from 31 July to 30 September 2021
– Tax Audit Report for FY 2020-21 extended from 30 September to 31 October 2021
– TP Audit in Form 3CEB for FY 2020-21 extended from 31 October to 30 November 2021
– Corporate Income Tax Return (CITR) for FY 2020-21 (where Form 3CEB is not applicable) extended from 31 October to 30 November 2021
– Corporate Income Tax Return (CITR) for FY 2020-21 (where Form 3CEB is applicable) extended from 30 November to 31 December 2021
– Revised / Belated CITR for FY 2020-21 extended from 31 December to 31 January 2022

2. Topic – Excess CSR spent in FY 2019-20 to be allowed as set-off in FY 2020-21 subject to certain conditions  
Date of Notification – 20 May 2021
Legal Framework:
– Section 135 of Companies Act, 2013
– Companies (CSR Policy) Rules, 2014 
Government Authority – Ministry of Corporate Affairs (MCA)
Web-linkMCA Circular
Legal Update:  CSR spent on PM Cares Fund in FY 2019-20 to be allowed as set-off in FY 2020-21 subject to certain conditions. 

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