Tips to save IPO listing gains tax!

In the view of the rising Covid-19 infections, the government on May 20 extended the due date to for certain income tax compliances, including filing the income tax return for AY 2021-22 from July 31 to September 30.

To provide relief to the taxpayers, The Central Board of Direct Taxes has provided relaxation in respect of the following compliances:

1) The Statement of Financial Transactions (SFT) for the Financial Year 2020- 21, required to be furnished on or before 31 May 2021 under Rule 114E of the Income-tax Rules, 1962 (hereinafter referred to as the “Rules”) and various notifications issued thereunder, may be furnished on or before 30 June 2021;

2) The Statement of Reportable Account for the calendar year 2020, required to be furnished on or before 31 May 2021 under Rule 114G of the Rules, may be furnished on or before 30 June 2021;

3) The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21, required to be furnished on or before 31 May 2021 under Rule 31A of the Rules, may be furnished on or before 30 June 2021;

4) The Certificate of Tax Deducted at Source in Form No 16, required to be furnished to the employee by 15 June 2021 under Rule 31 of the Rules, may be furnished on or before 15 July 2021;

5) The TDS/TCS Book Adjustment Statement in Form No 24G for the month of May 2021, required to be furnished on or before 15 June 2021 under Rule 30 and Rule 37CA of the Rules, may be furnished on or before 30 June 2021;

6) The Statement of Deduction of Tax from contributions paid by the trustees of an approved superannuation fund for the Financial Year 2020-21, required to be sent on or before 31 May 2021 under Rule 33 of the Rules, may be sent on or before 30 June 2021;

7) 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, required to be furnished on or before 15 June 2021 under Rule 12CB of the Rules, may be furnished on or before 30 June 2021;

8) 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, required to be furnished on or before 30 June 2021 under Rule 12CB of the Rules, may be furnished on or before 15 July 2021;

9) The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31 July 2021 under sub-section (1) of section 139 of the Act, is extended to 30 September 2021;

10) The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which is 30 September 2021, is extended to 31 October 2021;

11) The due date of furnishing Report from an Accountant by persons entering into international transaction or specified domestic transaction under section 92E of the Act for the Previous Year 2020-21, which is 31 October 2021, is extended to 30 November 2021;

12) The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31 October 2021 under sub-section (1) of section 139 of the Act, is extended to 30 November 2021;

13) The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 30 November 2021 under sub-section (1) of section 139 of the Act, is extended to 31 December 2021;

14) The due date of furnishing of belated/revised Return of Income for the Assessment Year 2021-22, which is 31 December 2021 under sub-section (4)/sub-section (5) of section 139 of the Act, is extended to 31 January 2022.