CBDT extends due dates for e-filing of various Income Tax forms

A relief for tax payers CBDT has extended the due dates for e-filing under the Income Tax Act, 1961. The finance ministry said they took the decision after difficulties reported by tax payers and other stake holders.

  1. The application for registration or intimation or approval under Section 10(23C), 12A, 35(1)(ii)/(iia)/(iii) or 80G of the Act in Form No. 10A required to be filed on or before 30 th  June, 2021, as extended to 31 st  August, 2021 vide Circular No.12 of 2021 dated 25.06.2021, may be filed on or before 31 st  March, 2022; The method of approval and registration of trusts, institutions, funds, university, clinic etc. proposed to be rationalized with impact from 1st June 2020; finally it’s far notified from 01st October 2020 in update of 01st June 2020. Now, the approval or registration or notification for exemption could be legitimate for a duration now no longer exceeding 5 years at one time; and the trust/organization etc. has to use once more earlier than the involved government for brand new registration earlier than expiry of the duration of exemption. This could be relevant for each current and newly exempt entities u/s 10(23C)/12A/12AB/12AA/35 and 80G (5) (VI) of the Income Tax Act 1961. Section 10(23C) of the Act is a particular exemption available to some Government and non-government universities and academic institutions. … Hence, a Government educational group is completely exempt from income tax with none separate approvals etc. as long as it aren’t always for income purpose. Section 12A and Section 80g. If an NGO gets itself registered under section 80g then the individual or the organization creating a donation to the NGO gets a deduction of 50% from his/its taxable income. If an NGO gets registered under 12A and 80g, then only it is applicable for any government funding.
    2.The application for registration or approval under Section 10(23C), 12A or 80G of the Act in Form No.10AB, for which the last date for filing falls on or before 28 th  February, 2022 may be filed on or before 31 st  March, 2022;
    The method of approval and registration of trusts, institutions, funds, university, clinic etc. proposed to be rationalized with impact from 1st June 2020; finally it’s far notified from 01st October 2020 in update of 01st June 2020. Now, the approval or registration or notification for exemption could be legitimate for a duration now no longer exceeding 5 years at one time; and the trust/organization etc. has to use once more earlier than the involved government for brand new registration earlier than expiry of the duration of exemption. This could be relevant for each current and newly exempt entities u/s 10(23C)/12A/12AB/12AA/35 and 80G (5) (VI) of the Income Tax Act 1961. Section 10(23C) of the Act is a particular exemption available to some Government and non-government universities and academic institutions. … Hence, a Government educational group is completely exempt from income tax with none separate approvals etc. as long as it aren’t always for income purpose.

Section 12A and Section 80g. If an NGO gets itself registered under section 80g then the individual or the organization creating a donation to the NGO gets a deduction of 50% from his/its taxable income. If an NGO gets registered under 12A and 80g, then only it is applicable for any government funding.

  1. The Equalization Levy Statement in Form No.1 for the Financial Year 2020- 21, which was required to be filed on or before 30 th  June, 2021, as extended to 31 st  August, 2021 vide Circular No.15 of 2021 dated 03.08.2021, may be filed on or before 31 st  December, 2021; Equalization Levy is a direct tax, which is withheld at the time of payment by the service recipient. The two conditions to be met to be liable to equalization levy: The payment should be made to a non-resident service provider; The annual payment made to one service provider exceeds Rs. 1,00,000 in one financial year.
  2. The Quarterly statement in Form No. 15CC to be furnished by authorized dealer in respect of remittances made for the quarter ending on 30 th  June, 2021, required to be furnished on or before 15 th  July, 2021 under Rule 37BB of the Rules, as extended to 31 st  August, 2021 vide Circular No.15 of 2021 dated 03.08.2021, may be furnished on or before 30 th  November, 2021;

Before filing Form 15CC, the reporting entity is required to generate ITDREIN (a Unique ID issued by Income Tax Department for submission of Form 15CC and Form V) on e-Filing portal. After successful generation of ITDREIN, the reporting entity is required to add an authorized person for filing Form 15CC with respect to the ITDREIN number generated.

  1. The Quarterly statement in Form No. 15CC to be furnished by authorized dealer in respect of remittances made for the quarter ending on 30 th  September, 2021, required to be furnished on or before 15 th  October, 2021 under Rule 37BB of the Rules, may be furnished on or before 31 st  December, 2021;
    Rule 37BB requires Authorized Dealers to furnish a quarterly statement in respect of remittances made for each quarter of the financial year in Form 15CC. Before filing Form 15CC, the reporting entity is required to generate ITDREIN (a Unique ID issued by Income Tax Department for submission of Form 15CC and Form V) on e-Filing portal. After successful generation of ITDREIN, the reporting entity is required to add an authorized person for filing Form 15CC with respect to the ITDREIN number generated.
  2. Uploading of the declarations received from recipients in Form No. 15G/15H during the quarter ending 30 th  June, 2021, which was originally required to be uploaded on or before 15 th  July, 2021, and subsequently by 31 st  August, 2021, as per Circular No.12 of 2021 dated 25.06.2021, may be uploaded on or before 30 th  November, 2021;

Form 15G and Form 15H are self declaration forms that an individual submits to the bank requesting not to deduct TDS on interest income as their income is below the basic exemption limit.  For this, providing PAN is compulsory. Some banks allow you to submit these forms online through the bank’s website.

  1. Uploading of the declarations received from recipients in Form No. 15G/15H during the quarter ending 30 th  September, 2021, which is required to be uploaded on or before 15 th  October, 2021, may be uploaded on or before 31 st  December, 2021; Form 15G and Form 15H are self-declaration forms that an individual submits to the bank requesting not to deduct TDS on interest income as their income is below the basic exemption limit.
    For this, providing PAN is compulsory. Some banks allow you to submit these forms online through the bank’s website
  2. Intimation to be made by Sovereign Wealth Fund in respect of investments made by it in India in Form II SWF for the quarter ending on 30 th  June, 2021, required to be made on or before 31 st  July, 2021 as per Circular No.15 of 2020 dated 22.07.2020, as extended to 30 th  September, 2021 vide Circular No.15 of 2021 dated 03.08.2021, may be made on or before 30 th  November, 2021; A sovereign wealth fund is a state-owned funding made out of money generated through the government, frequently derived from a country’s surplus reserves. SWFs offer an advantage for a country’s economic system and its citizens. The investment for a SWF can come from numerous sources. Popular sources are surplus reserves from state-owned herbal useful resource revenues, trade surpluses, financial institution reserves which could gather from budgeting excesses, foreign currency operations, money from privatizations, and governmental transfer payments. 
  3. Intimation to be made by Sovereign Wealth Fund in respect of investments made by it in India in Form II SWF for the quarter ending on 30 th  September, 2021, required to be made on or before 31 st  October, 2021 as per Circular No.15 of 2020 dated 22.07.2020, may be made on or before 31 st  December, 2021; A sovereign wealth fund is a state-owned funding made out of money generated through the government, frequently derived from a country’s surplus reserves. SWFs offer an advantage for a country’s economic system and its citizens. The investment for a SWF can come from numerous sources. Popular sources are surplus reserves from state-owned herbal useful resource revenues, trade surpluses, financial institution reserves which could gather from budgeting excesses, foreign currency operations, money from privatizations, and governmental transfer payments.
  4. Intimation to be made by a Pension Fund in respect of each investment made by it in India in Form No. 10BBB for the quarter ending on 30 th  June, 2021, required to be made on or before 31 st  July, 2021 under Rule 2DB of the Rules, as extended to 30 th  September, 2021 vide Circular No. 15 of 2021 dated 03.08.2021, may be made on or before 30 th  November, 2021; Form 10BBB has been inserted which is for the Intimation by Pension Fund of investment under clause (23FE) of section 10 of the Income-tax Act, 1961. CBDT amends Income Tax  rule 2DB which relates to conditions to be satisfied by the pension fund for exemption under section
    10(23FE) and substitutes/amends Form No. 10BBA – Application for notification under sub-clause (iv) of clause (c) of Explanation 1 to the clause (23FE) of section 10 of the Income-tax Act, 1961 (Pension Fund) As per the clause (23FE) of section 10, the pension fund needs to make an application in Form No.10BBA enclosing relevant documents and evidence, to the following prescribed authority:
     Member (Legislation), Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, North Block, New Delhi during the financial year 2020-2021.
     Member, Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, New Delhi having supervision and control over the work of Foreign Tax and Tax Research Division during the other financial years.
  5. Intimation to be made by a Pension Fund in respect of each investment made by it in India in Form No. 10BBB for the quarter ending on 30 th  September, 2021, required to be made on or before 31 st  October, 2021 under Rule 2DB of the Rules, may be made on or before 31 st  December, 2021;
    Form 10BBB has been inserted which is for the Intimation by Pension Fund of investment under clause (23FE) of section 10 of the Income-tax Act, 1961. CBDT amends Income Tax rule 2DB which relates to conditions to be satisfied by the pension fund for exemption under section 10(23FE) and substitutes/amends Form No. 10BBA – Application for notification under sub-clause (iv) of clause (c) of Explanation 1 to the clause (23FE) of section 10 of the Income-tax Act, 1961 (Pension Fund) As per the clause (23FE) of section 10, the pension fund needs to make an application in Form No.10BBA enclosing relevant documents and evidence, to the following prescribed authority:
    • Member (Legislation), Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, North Block, New Delhi during the financial year 2020-2021.
    • Member, Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, New Delhi
    having supervision and control over the work of Foreign Tax and Tax Research Division during the other financial years.
  6. Intimation by a constituent entity, resident in India, of an international group, the parent entity of which is not resident in India, for the purposes of sub-section (1) of section

286 of the Act, in Form No.3CEAC, required to be made on or before 30 th  November, 2021 under Rule 10DB of the Rules, may be made on or before 31 st  December, 2021; Income tax form 3CEAC is intimation by a constituent entity, resident in India, of an international group,
the parent entity of which is not resident in India, for the purposes of sub-section (1) of section 286 of the Income-tax Act, 1961.

  1. Report by a parent entity or an alternate reporting entity or any other constituent entity, resident in India, for the purposes of sub-section (2) or sub-section (4) of section 286 of the Act, in Form No. 3CEAD, required to be furnished on or before 30 th  November, 2021 under Rule 10DB of the Rules, may be furnished on or before 31 st  December, 2021; Income tax form 3CEAD is a report by a parent entity or an alternate reporting entity or any other constituent entity, resident in India, for the purposes of sub-section (2) or sub-section (4) of section 286 of the Income-tax Act, 1961.
  2. Intimation on behalf of an international group for the purposes of the proviso to sub- section (4) of section 286 of the Act in Form No. 3CEAE, required to be made on or before 30 th  November, 2021 under Rule 10DB of the Rules, may be made on or before 31 st  December, 2021.
    Form 3CEAE
    Income tax form 3CEAE is an intimation on behalf of the international group for the purposes of the proviso to sub-section (4) of section 286 of the Income-tax Act, 1961 Section 286
    Understanding relevant provisions of section 286 of Income Tax Act, 1961. Provisions of section 286 (2) require every resident parent entity or the alternate reporting entity to furnish a report, in respect of an international group of which it is a constituent.

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