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Know Answers To Income Tax Return Due Dates For TDS, Form 16, ‘Vivad se Vishwas Scheme’

New Delhi: From more time to file Tax Deducted At Source (TDS) to income tax relief for COVID-19 treatment, the Union government has announced a host of measures. Here are some updates:

  • Taxpayers can file their TDS return for the last quarter of financial year 2020-21 till July 15.
  • The last date of issuance of Form 16 has been extended till July 31.
  • The last date for linking PAN and Aadhar has been extended to September 30. Failure to link the two documents will make the PAN inoperative besides a fine of up to Rs 1,000.
  • For payment without interest under ‘Vivad se Vishwas; scheme, the deadline has been extended to August 31. The last date of payment under the scheme (with additional amount) is October 31.
  • Those who have received financial support from their employers, friends for COVID-19 treatment, will not have to pay tax for the amount. The ex-gratia payment received by family members of a person who has died due to COVID-19 from an employer, will be exempted from tax without any limit. The tax exemption will be limited to Rs 10 lakh for the amount received from any other persons such as friends and family.
  • 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.
  • First-time homebuyers could avail special tax relief on investment in a residential house as per specified conditions. The deadline for making this investment in a residential house for tax deduction has been extended by more than three months.
  • “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 April 1, 2021 and September 29, 2021 (both days inclusive), may be completed on or before September 30, 2021,” the Income Tax department said.
  • Time Limit for passing assessment order which was earlier extended to June 30 has been further extended to September 30. The time limit for passing penalty order has also been extended to September 30.
  • “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.