Income Tax Due Date Extended beyond June, 2021

Income Tax (CBDT) Due Date Extended beyond June, 2021

The Board of Direct Taxes (Income Tax Department) vide circular & Press Release No. 1730346 dated 25.06.2021, in exercise of its power under section 119 of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) has issued circular w.r.t. Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic and spike in Covid-19 cases and also announces tax exemption for expenditure on COVID-19 treatment and ex-gratia received on death due to COVID-19:

Extension Table - Due Dates

Sl.	Nature of Extension	Provisions of IT Act 1961	Original Due Date	Extended Due Date
1	Objections to Dispute Resolution Panel (DRP) and Assessing Officer under section 144C of the Income-tax Act, 1961	Section 144C	01.06.2021	31.08.2021
2	The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21	Rule 31A of the Income-tax Rules, 1962	31.05.2021	15.07.2021
3	The Certificate of Tax Deducted at Source in Form No.16	Rule 31 of the Income-tax Rules, 1962	15.06.2021	31.07.2021
4	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	Rule 12CB of the Income-tax Rules, 1962	15.06.2021	15.07.2021
5	The Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64C for the Previous Year 2020-21	Rule 12CB of the Income-tax Rules, 1962	30.06.2021	31.07.2021
6	The application in Form No. 10A/ Form No.10AB, for registration/ provisional registration/ intimation/ approval/ provisional approval of Trusts/ Institutions/ Research Associations etc.,	Under Section 10 (23C), 12AB, 35 (1) (ii) /(iia) / (iii) and 80G of the Act	30.06.2021	31.07.2021
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	Section  54  to  54GB  of the Act	Between 01.04.2021 to 29.09.2021	30.09.2021
8	The Quarterly Statement in Form No. 15CC to be furnished by authorized dealer in respect of remittances made for the quarter ending on 30th June, 2021	Rule 37 BB of the Income-tax Rules, 1962	30.06.2021	31.07.2021
9	The Equalization Levy Statement in Form No. 1 for the Financial Year 2020-21		30.06.2021	31.07.2021
10	The Annual Statement required to be furnished by the eligible investment fund in Form No. 3CEK for the Financial Year 2020-21	Section 9A (5) of the Act	29.06.2021	31.07.2021
11	Uploading of the declarations received from recipients in Form No. 15G/15H during the quarter ending 30th June, 2021	Form No. 15G/15H	15.07.2021	31.08.2021
12	Exercising of option to withdraw pending application (filed before the erstwhile Income Tax Settlement Commission) in Form No. 34BB, w	under Section 245M (1) of the Act	27.06.2021	31.07.2021
13	Last date of linkage of Aadhaar with PAN	Section 139AA of the Act	30.06.2021	30.09.2021
14	Last date of payment of amount under Vivad se Vishwas (without additional amount)		30.06.2021	31.08.2021
15	Last date of payment of amount under Vivad se Vishwas (with additional amount)			31.08.2021
16	Time Limit for passing assessment order		30.06.2021	30.09.2021
17	Time Limit for passing penalty order		30.06.2021	30.09.2021
18	Time Limit for processing Equalisation Levy returns		30.06.2021	30.09.2021

·        Clarifications by CBDT:

In view of the impact of the Covid-19 pandemic, taxpayers are facing inconvenience in meeting certain tax compliances and also in filing response to various notices. In order to ease the compliance burden of taxpayers during this difficult time, reliefs are being provided through Notifications nos. 74/2021 & 75/2021 dated 25th June, 2021 Circular no. 12/2021 dated 25th June, 2021.

r  Source: Press Release and Notification

Disclaimer:  Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

MSME Relaxation: Extension of Validity of Existing UAM’s till 31.12.2021

MSME Relaxation: Extension of Validity of UAM’s till 31.12.2021

Ministry of Micro, Small and Medium Enterprises Extends Validity of Udyog Aadhaar Memorandum from 31st March, 2021 to 31st December, 2021. 

Ministry of Micro, Small and Medium Enterprises vide notification no. 2347(E) dated 16.06.2021 & F. No. PY-10024/6/2021-P and G-DCMSME, made amendment to the original notification No. S.O. 2119 (E) dated 26.06.2020 and provides the extension of the validity of EM Part-II and UAMs from 31.03.2021 to 31.12.2021. This will help EM Part-II and UAMs certificate holders to avail benefits of the provisions under various existing schemes and incentives including Priority Sector Lending benefits of MSME.

Several representations have been made by various MSME associations, financial institutions and Government departments dealing with the interest of MSME Sector to the ministry stating the hardships faced by MSMEs during the COVID-19 pandemic.

·        Gazette Notification Released:

Gazette ID No. CG-DL-E-16062021-227649 dated 16^th June, 2021.

Link: https://egazette.nic.in/WriteReadData/2021/227649.pdf

r Key Highlights: 

1. Existing EM Part-II and UAM holders were required to migrate to the new system of Udyam Registration, which was launched on 1st July, 2020.

2. Timeline given was 31^st March 2021 to migrate to new portal.

3. This step is aimed at strengthening of MSMEs and leading to their faster recovery, boost to their economic activity and creation of jobs.

4. New Portal was launched called “Udyam Registration” at https://udyamregistration.gov.in

5. There is no cost for registration at new portal and due date for migration is now 31.12.2021.

6. Only PAN and Aadhaar are required for registration on the Udyam portal.

7. Ministry of Micro, Small and Medium Enterprises Extends Validity of Udyog Aadhaar Memorandum from 31st March, 2021 to 31st December, 2021. 

Source: https://pib.gov.in/PressReleseDetail.aspx?PRID=1727980

 

Disclaimer:

Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

 

EPFO extends deadline for filing of PF return with Aadhaar seeded UANs till September, 2021

EPFO extends deadline for filing of PF return with Aadhaar seeded UANs till September, 2021

Employees' Provident Fund Organization (EPFO), India Ministry of Labour & Employment, Government of India has issued circular No. WSU/15(1)2019/ATR/529 dated 15^th June, 2021 regarding Mandatory seeding of Aadhar Number for filing of ECR-Reg. in order to provide relief amid the COVID-19 pandemic.to to PF Account holders. 

r Relaxation:

EPFO has extended the last date to seed the Aadhaar number with the universal account number (UAN) for filing electronic challan-cum-returns till September 1, 2021. The revised date will now be Sept 1, 2021 instead of June 1, 2021.

r Key Highlights:

 1. The EPFO had decided to make Aadhaar seeding compulsory after a labour ministry notification in this regard.

2. A notification was issued by the labour ministry on May 3, 2021, which mandated the ministry and bodies working under it to seek Aadhaar number from the beneficiaries under the Social Security Code.

3. Section 142 of the Code on Social Security, 2020, has been brought into force, with effect from 03.05.2021.

4. Section 142 of Social Security Code provides for establishing the identity of an employee or an unorganized worker or any other person through Aadhaar number for seeking benefits and availing services under the Code.

5. This will give more time to employers to link their employees Aadhaar number with PF accounts or UAN.

6. According to the Authority, electronic challan-cum-returns (ECR) will be allowed to be filed only for those members whose Aadhaar numbers are seeded and verified with the UANs with effect from June 1, 2021.

7. It is mandatory to seed the Aadhaar number with the UAN while filing ECRs.

8. UAN: The UAN (universal account number) is basically a 12-digit account number allotted by the Employee Provident Fund Organisation to every employee where the EPF deposits are being made.

9. Purpose of UAN: The UAN makes the process of operating PF account services such as availing withdrawal, PF loans, or checking the EPF balance easier and convenient for the account holders.

Source: https://www.epfindia.gov.in/site_docs/PDFs/Circulars/Y2021-2022/WSU_Aadhar_ECR_529.pdf

Disclaimer:  Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

Amendments in MCA E – Form AGILE PRO

 Amendments in MCA E – Form AGILE PRO

Highlights: Companies (Incorporation) 4th Amendment Rules 2021

 Ministry of Corporate Affairs )MCA) notification dated 07^th June, 2021 has notified the Companies (Incorporation) 4th Amendment Rules 2021 in exercise of the powers conferred under Section 469 (1) & 469 (2) of the Companies Act, 2013, further to amend the Companies (Incorporation) Rules, 2014.

Applicability: from the date of publication in Official Gazette. (yet to be notified)

1. Changes in Rule 38A:

38A.Application for registration of GSTIN, ESIC, EPFO

Form INC -35 also substituted via this notification.

Source: https://www.mca.gov.in/bin/dms/getdocument?mds=r2JGVOj52RJgsqksMI8Hqw%253D%253D&type=open 

Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information. In no event the authors shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.