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. Let’s have a quick look at the tax compliances applicable for the taxpayers for the upcoming month. New Income Tax Portal is likely to be launched on 7th June 2021.

Ministry of Finance has issued circular no. 9 dated 20th May 2021 and has extended various due dates of various compliances like income tax returns, tax audit reports, quarterly TDS return, etc, etc.

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.

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.