Tax & Compliance Updates – June 2021

Income Tax

  1. Due date for filing TDS Returns extended from 30th of June 2021 to 15th July 2021
  2. Due date for issue of TDS Certificates extended from 15th of July 2021 to 31st of July 2021
  3. Last date for linking of PAN with Aadhar has been extended from 30th of June 2021 to 30th of Sept 2021
  4. Financial support received from employers and friends for the purpose of COVID 19 treatment shall not be charged to tax under the income tax act. Such tax exemption has been limited to Rs.10 Lakhs
  5. The statement of income paid or credited by an investment fund to its unit holder in Form No. 64D for the previous year 2020-21 can be furnished on or before July 15.
  6. First time home buyers could avail special tax relief on investment in residential house as per specified conditions. The deadline for making this investment in residential house for tax deduction has been extended by more than three months.
  7. The compliances to be made by the taxpayers such as investment, deposit, payment, acquisition, purchase, construction or such other action, by whatever name called, for the purpose of claiming any exemption under the provisions contained in Section 54 to 54GB of the Act, for which the last date of such compliance falls between 1st April, 2021 to 29th September, 2021 (both days inclusive), may be completed on or before 30th September, 2021,” the Income Tax department said.
  8. Time Limit for passing assessment order which was earlier extended to June 30 is further extended to September 30. Time Limit for passing penalty order has also been extended to September 30.
  9. The application under Section 10(23C), 12AB, 35(1)(ii)/(iia)/(iii) and 80G of the Act in Form No. 10A/ Form No.10AB, for registration/ provisional registration/ intimation/ approval/ provisional approval of Trusts/ Institutions/ Research Associations etc., required to be made on or before 30th June, 2021, may be made on or before 31st August, 2021,” the Income Tax department said.

No.ParticularsEarlier Due DateExtended Due Date
1.TDS Filing for Q4 (2020-2021)30th June 202115th July 2021
2.TDS Certificate for FY 20-2115th July 202131st July 2021
3.Linking of PAN to Aadhar30th June 202130th Sept 2021
4.Capital Gains InvestmentBetween 01.04.2021 – 29.09.202130th Sept 2021
5.Trust Registrations / Re-registrations30th June 202131st Aug 2021

Goods & Service Tax

Reduction of GST Rates

  • Medicines used for COVID 19 treatment.
  • Oxygen (Medical Grade), Oxygen Generation equipment and related medical devices
  • Testing Kits and Machines
  • Other COVID 19 related material like Oximeters, Hand Sanitizers, Temperature check equipment, Crematorium and Ambulances.

Import Export Code

In continuation to the DGFT Notification No.58 dated 12.02.2021 the due date for renewing the Import Export Code extended from 30.06.2021 to 31.07.2021

Company Law Compliance

Compliances between the period 01.04.2021 – 31.07.2021 can be filed with the ROC within 31.08.2021 without additional fees.

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