The Central Board of Direct Taxes (CBDT) has announced an extension of the deadlines for submitting certain TDS/TCS statements. This move aims to provide relief to taxpayers and make compliance easier. The extension applies to Forms 26Q, 27Q, and 27EQ for the first quarter of the financial year 2023-24. Initially, taxpayers were required to file these statements by July 15 or July 31, 2023. However, the new deadline is now September 30, 2023. This extension specifically applies to the statement of deduction of tax (Form 26Q or 27Q) and the statement of collection of tax (Form 27EQ) for the period of April to June 2023.
CBDT's Relaxation in Compliances
The CBDT has used
its powers under section 119 of the Income-tax Act, 1961, to provide relaxation
in compliance requirements. This extension allows taxpayers more time to submit
the required TDS/TCS statements without facing penalties or compliance issues.
Let's take a closer look at the specific relaxation provided by the CBDT.
A. Extension for Statement of Deduction
of Tax (Form 26Q or 27Q)
Taxpayers now have
until September 30, 2023, to file the statement of deduction of tax for the
first quarter of the financial year 2023-24. Previously, the deadline was July
31, 2023, as per Rule 31A of the Income-tax Rules, 1962. The extended deadline
gives taxpayers additional time to ensure accurate and timely submission.
B. Extension for Statement of
Collection of Tax (Form 27EQ)
Similarly, the
statement of collection of tax for the first quarter of the financial year 2023-24,
which needs to be filed in Form 27EQ, has been granted an extension until
September 30, 2023. The original due date for this statement was July 15, 2023,
according to Rule 31AA of the Income-tax Rules, 1962. By extending the
deadline, the CBDT aims to reduce the burden on taxpayers and make compliance
processes smoother.
Conclusion
The CBDT's
extension of the deadlines for submitting TDS/TCS statements brings much-needed
relief and flexibility for taxpayers. By moving the filing due date for Forms
26Q, 27Q, and 27EQ for the first quarter of FY 2023-24 to September 30, 2023,
the CBDT aims to streamline compliance processes and lighten the burden on
taxpayers. This extension offers several benefits, including reduced compliance
pressure, avoidance of penalties, improved accuracy, and enhanced efficiency in
tax filing. Taxpayers are advised to make good use of the extra time to ensure
error-free and timely submission of TDS/TCS statements.
