Income Tax Update | Government grants further extension in timelines of compliances

• Legal Update:

o Government announces tax exemption for expenditure on Covid treatment and ex-gratia received on death due to Covid.

o Extension of time-limit in filing and reporting tax compliances:

– Q4 TDS/ Withholding Tax Return extended from 31 May to 30 June 2021 and further extended to 15 July 2021.

– Issue of Q4 TDS / Withholding Tax Certificates in Form 16 extended from 15 June to 15 July 2021 and further extended to 31 July 2021.

– Linking of PAN with Aadhaar further extended to 30 September 2021

– For other updates in time-lines, please view the circular – CBDT Circular

• Date of Approval – 25 June 2021

• Legal Framework – Income Tax Act, 1961 and relevant Rules thereto

• Government Authority – Central Board of Direct Taxes (CBDT), Ministry of Finance, Government of India• Web-link – CBDT Circular

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