The central government on account to deal with the hurdles faced by the several stakeholders due to Covid – 19 pandemic, has taken into contemplation received by multiple stakeholders has concluded to prolong the timelines for compliances under the Income-tax Act, 1961 ( (hereinafter introduced to as “the Act”) in the following cases, as under –
- The timespan for the announcement of the Aadhaar number to the Income Tax Department for joining PAN with Aadhar has been shifted from 30th September 2021 to 31st March 2022.
- The last date for the fulfilment of the sanction procedures under the Act has also been moved from 30th September 2021 to 31st March 2022.
Additionally, the time span for issuance of notice and passing of the order by the Arbitration Authority under the Prohibition of Benami Property Transactions Act, 1988 has also been shifted to 31st March 2022. Information no. 113 of 2021 dated 17th September 2021 has been announced in this regard and can be reached at www.incometaxindia.gov.in.
IT Act, 1961 TDS u/s 194A Provisions Concerning Section of 10(26)
The central government in terms of the powers bestowed by sub-section ( 1F) of section 197 A of the Income-tax Act, 1961 (‘the Act’) announced that no withdrawal of tax would be made on the following payment under section 194A of the Act specifically payment in the mode of interest, other than interest on securities, made by a Scheduled Bank (hereinafter the ‘payer’) settled in a detailed area to a member of Scheduled Tribe (hereinafter the ‘receiver’) living in any specified area as referred to in s.10(26) of the Act, subject to the subsequent provisions –
- The payer’s convenience themselves that the receiver is a member of the Scheduled Tribe living in any particular area, and the amount as considered above is accruing or arising to the receiver as considered to in section 10 (26) of the Act, while the last year applicable for the assessment year in which the amount is made, by gathering essential documentary shreds of evidence in support of the same;
- The payer shows the mentioned payment in the statements of deduction of taxes as considered to an in subsection (3) of section 200 of the Act;
- The payment made or gross of payments made during the last year does not extend twenty lakh rupees.
The aim of the announcement was “Scheduled Bank means a bank included in the Second Schedule of the Reserve Bank of India Act, 1934.”
Information no. 110/2021 dated 17th September 2021 has been sprung. It is
open on www.incometaxindia.gov.in and also on www.egazette.nic.in.
