Latest Tax Updates

1. The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21, required to be furnished on or before 31st May 2021 may be furnished on or before 15th July 2021.

2. The Certificate of Tax Deducted at Source in Form No.16, required to be furnished to the employee by 15th June 2021 may be furnished on or before 31st July 2021.

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3. The Last date of linkage of Aadhaar with PAN under section 139AA of the Act, which was earlier extended to 30th June 2021 is further extended to 30th September 2021.

4. CBDT clarified that Businesses buying shares or commodities traded through recognised stock or commodity exchanges for any value even above Rs 50 lakh will not be required to deduct TDS on the transaction which was started on 1.7.2021.

15CA/CB – Manual Filing Extended till July 15th

5. Reserve Bank of India has not yet granted Bitcoin or any other cryptocurrency the status of legal tender in India. Hence, there are no clear rules or guidelines defining taxability for cryptocurrencies, which calls for specific clarification from the Income Tax department.