Income Tax Compliance Calendar for February 2021

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CS Lalit Rajput
CS Lalit Rajput
Company Secretary having 5 years of post-qualification experience in the Compliance Management Services industry by serving Corporates including Listed Companies, Corporate Secretarial Firms, and LLP.
Sl.  Compliance Particulars  Due Dates
1 ​Due date for deposit of Tax deducted/collected for the month of January, 2021. However, all the sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan 07-02-2021


​Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of December, 2020 14-02-2021
3 ​Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of December, 2020 14-02-2021


Due date for issue of TDS Certificate for tax deducted under section 194M in the month of December, 2020 14.02.2021


​​​ Due date for filing of return of income for the assessment year 2020-21 if the assessee is (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) partner of a firm whose accounts are required to be audited or (d) required to submit a report under section 92E pertaining to international or specified domestic transaction(s) 15.02.2021


​Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of January, 2021 has been paid without the production of a challan  




​Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for the quarter ending December 31, 2020.  



  • The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 has extended due dates for compliance falling during the period from 20-03-2020 to 31-12-2020. Readers are requested to please check the relevant documents from below links:
The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020. Click here
Notification No. 88/2020 [F. No. 370142/35/2020-TPL] / SO 3906(E) dated 29 October, 2020. Click here
  • Importatnt updates:
  1. I-T refunds worth Rs 1.81 lakh cr issued so far in FY21

The Income Tax Department on Wednesday said it has issued over Rs 1.81 lakh crore worth refunds to more than 1.74 crore taxpayers so far this fiscal year.

Of this, personal income tax refunds of Rs 62,231 crore have been issued to over 1.71 crore taxpayers and corporate tax refunds of Rs 1.19 lakh crore have been issued in 2.12 lakh cases. CBDT issues refunds of over Rs. 1,81,336 crore to more than 1.74 crore taxpayers between 1st April, 2020 to 25th January, 2021, the department tweeted.

  1. Capital gains relief rule on flat sales given retro effect

A recent ruling of the Income-Tax Appellate Tribunal (ITAT)’s Mumbai bench has come as a relief to taxpayers embroiled in litigation on capital gains arising out of sale of their flats due to the sale price being lower than the stamp duty valuation.

ITAT has held that the benefit of a higher tolerance band of 10% for the difference between the sale price of a flat and the stamp duty valuation will apply with retrospective effect.

The ITAT bench of vice-president Pramod Kumar and judicial member Saktijit Dey held this benefit would apply retrospectively from financial year 2002-03 (assessment year beginning April 1, 2003) when anti-abuse provisions were introduced in the income-tax Act.

To prevent tax abuse and deter the use of black money in property deals, Section 50C was introduced by the Finance Act, 2002. It provided that if the sale consideration claimed to be received by the seller is less than the stamp duty rate, the latter would be considered for determining capital gains.

  1. Govt creates special unit in Income Tax dept for probe into undisclosed foreign assets

The taxman now has huge data coming in from various international and domestic sources to check possible illegal foreign assets holding of an individual and hence, a dedicated wing was required to analyse this information and sift through this mountain of data, according to an official.

A special unit has been created by the government in the countrywide investigation wings of the Income Tax department for focussed probe in cases of undisclosed assets held by Indians abroad and possession of black money in foreign shores, officials said. The Foreign Asset Investigation Units (FAIUs) have been recently created in all the 14 investigation directorates of the tax department located in various parts of the country that are primarily tasked to undertake raids and seizures, and develop intelligence to check tax evasion done by various methods.

  • Important Notifications – For the month of January – 2021:
Sl. No. Particulars of the Notification(s) File No. / Circular No. Notification Link(s)
1. ​Clarification regarding approval for attachment provided in the Order dated 19th October, 2020 issued under section 119 of the Income-tax Act, 1961 F.No. 275129/ 2020-IT(B)  




e-filing website has enabled the public to file information on Tax Evasion under the link ‘Submit Tax Evasion Petition or Benami Property holding’ Notification No. 03/2021  




the Faceless Penalty Scheme, 2021 Notification No. 02/2021 LINK


Amount of remuneration prescribed under section 9A(3)(m) of the Income-tax Act, 1961 Circular No. 01/2021  




ORDER UNDER SECTION 119 OF INCOME TAX ACT, 1961 F.NO. 370153/39/2020-TPL  




​ Timeline before which UDIN are to updated with respect to the audit report and certificates uploaded from 27th April, 2020 extended up to 15th February, 2021. Kindly update to avoid invalidation. UDIN  




CBDT issues press release for extension of due dates for filing Income-Tax Returns and Tax Audit Reports under the Income-tax Act, 1961 for AY 2020-21  


Press Release



8 Amendment to the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020  

Notification No. 93/2020



9 Direct Tax Vivad se Vishwas Act, 2020 – Reg. Notification No. 92/2020 LINK
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