COVID-19

Relief For Taxpayers! Finance Ministry Extends Income Tax Compliance Deadlines; Check Details

New Delhi: The authorities on Saturday prolonged sure timelines in view of the adversarial circumstances arising as a result of extreme Covid-19 pandemic and likewise in view of the a number of requests acquired from taxpayers, tax consultants and different stakeholders from throughout the nation requesting that varied compliance dates could also be relaxed.

The relaxations are the most recent among the many latest initiatives taken by the federal government to ease compliances to be made by the taxpayers with the purpose to grant respite throughout these tough instances, stated a launch issued by the Union Finance Ministry.

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In the sunshine of a number of representations acquired and to mitigate the difficulties being confronted by varied  stakeholders, the Central Board of Direct Taxes (CBDT) has, underneath Section 119 of the Income-tax Act, 1961 (the Act), offered the next leisure  in respect of compliances by the taxpayers:

  • Appeal to Commissioner (Appeals) underneath Chapter XX of the Act, for which the final date of submitting underneath that Section is 1st April, 2021 or thereafter, could also be filed throughout the time offered underneath that Section or by thirty first May, 2021, whichever is later.
  • Objections to Dispute Resolution Panel (DRP) underneath Section 144C of the Act, for which the final date of submitting underneath that Section is 1st April, 2021 or thereafter, could also be filed throughout the time offered underneath that Section or by thirty first May, 2021, whichever is later.
  • Income-tax return in response to note underneath Section 148 of the Act, for which the final date of submitting of return of revenue underneath the stated discover is 1st April, 2021 or thereafter, could also be filed throughout the time allowed underneath that discover or by thirty first May, 2021, whichever is later.
  • Filing of belated return underneath sub-section (4) and revised return underneath sub-section (5) of Section 139 of the Act, for Assessment Year 2020-21, which was required to be filed on or earlier than thirty first March, 2021, could also be filed on or earlier than thirty first May, 2021.
  • Payment of tax deducted underneath Section 194-IA, Section 194-IB and Section 194M of the Act, and submitting of challan-cum-statement for such tax deducted, that are required to be paid and furnished by thirtieth April, 2021(respectively) underneath Rule 30 of the Income-tax Rules, 1962, could also be paid and furnished on or earlier than thirty first May, 2021.
  • Statement in Form No. 61, containing particulars of declarations acquired in Form No.60, which is because of be furnished on or earlier than thirtieth April 2021, could also be furnished on or earlier than thirty first May, 2021.

The leisure in deadlines comes as India continues to battle the second and extra wave of the Coronavirus pandemic.

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