Income tax compliance calendar

Income tax compliance calendar

There are various compliances that need to be taken care of by corporate as well as non-corporate assessees. Any divergence from the compliances under Income Tax Act or Goods & Service Tax Act may attract penal provisions. The Government has extended the various due dates for Assessment Year 2021-22 under the Income Tax Act vide a circular no. 17 dated 9th September 2021. Earlier the due dates were extended by issuing a circular no. 9 dated 20th May 2021.

Income-tax compliance calendar

Note: All the above due date extensions relate to procedural compliances, there is no extension in the date of payment of taxes by the taxpayers.
Note: Interest u/s 234A shall be applicable if the tax payable exceeds Rs 1 lakh.

⇒ Payment of TDS on the sale of the property should be done within 30 days from the end of the month in which deduction is made.

⇒ What are the due dates for  Trust registration/ Trust Re-Registration  u/s 12A, 80G, 35, Sovereign Wealth Fund, Pension Fund, Form 15G/15H, and others

Features of New Income Tax Portal

• It is likely to be a taxpayer-friendly portal that will process ITRs immediately and quicker refunds will be issued.
• It is likely that a single dashboard will be made available which requires action by the taxpayer.
• It is likely that a chatbot/live agent and a call center will be made available for taxpayer’s assistance.
• It is likely that a new mobile app will be launched that will have all the key portal functions of the desktop.
• It is likely that pre-filled ITRs will be made available along with interactive questions that will assist in return filing.
• It is likely that new payment modes like credit cards and UPI will be added for faster and easy payments.