New Income Tax Time limits and Exemption of Amount received

Tax Exemptions:

1. Tax Exemption has been provided to the Taxpayers for amounts received during FY 2019-20 and subsequently, from Employer or any other person for Medical Treatment of Covid – 19.
2. In case of demise of Taxpayer due to Covid – 19 and if the family receives Ex-gratia amount from the Employer or any other person in FY 2019-20 or subsequently, the exemption shall be unlimited incase of amount received from Employer and Rs. 10 Lakh in case the amount received from any other persons.

Extension of Time limits:

Ministry of Finance has issued Notifications no: 74/2021 and 75/2021 and Circular no. 12/2021 on 25/06/2021 in order to ease the compliance burden on the Assessee’s during difficult times. The Summary of it is as follows:

1. Objections to Dispute Resolution Panel (DRP) and Assessing Officer u/s. 144C of the Act, last filing date for which is 1st June, 2021 but the same has been extended till 31st August, 2021.
2. The Statement of Deduction of Tax (Tax Return) has to be filed before 31st may, 2021 but has been extended till 30th June, 2021 previously but again extended till 15th July, 2021.
3. TDS Certificate under Form 16 required to be issued to the Employee before 15th June, 2021 but extended till 15th July, 2021.
4. Form No. 64D (The Statement of Income paid or credited) has to be furnished by an Investment Fund to its Unit holder on or before 15th June, 2021 but the same has been extended till 30th June, 2021 previously but further extended till 15th July, 2021.
5. Form No. 64C (The Statement of Income paid or credited) has to be furnished by an Investment Fund to its Unit holder on or before 30th June, 2021 but the same has been extended till 15th July, 2021 previously but further extended till 31st July, 2021.
6. Form No. 10A/ Form No.10AB under Section 10(23C), 12AB, 35(1)(ii)/(iia)/(iii) and 80G of the Act required to be made on or before 30th June, 2021, but extended till 31st August, 2021.
7. Any compliances for claiming exemption u/s 54 to 54GB, if falls due between 1st April, 2021 to 29th September, 2021 has been extended till 30th September, 2021.
8. Quarterly Statement in Form 15CC for 1st Quarter of FY 2021-22 has to be furnished before 15th July, 2021 but can be furnished by 31st July, 2021.
9. The Equalization Levy Statement in Form No. 1 for the FY 2020-21, to be filed on or before 30th June, 2021, extended till 31st July, 2021.
10. Form No. 3CEK for FY 20-21 to be furnished by eligible investment fund under Section 9A(5) of the Act, on or before 29th June, 2021 but extended till 31st July, 2021.
11. Uploading of Forms 15G and 15H received during Q1 ending 30th June, 2021 has to be done before 15th June, 2021 but extended till 31st August, 2021.
12. Exercising of option to withdraw pending application under Section 245M(1) of the Act in Form No. 34BB, which is required to be exercised on or before 27th June, 2021, extended till 31st July, 2021.
13. Linking of Aadhar with PAN previously to be done by 30th June, 2021 but extended till 30th September, 2021.
14. Payment under Vivid Se Vishwas (without additional amount) was previously to be made by 30th June,2021 but extended till 31st August, 2021.
15. Payment under Vivid Se Vishwas (with additional amount) has been notified as 31st October, 2021.
16. Time limits for Passing Assessment Order and Penalty Order previously was 30th June, 2021 but has been extended till 30th September, 2021.
17. Time Limit for processing Equalisation Levy returns earlier extended to 30th June, 2021, further extended to 30th September, 2021.