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Govt extends tax compliance timelines in light of pandemic
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SME Times News Bureau | 24 Apr, 2021
In view of the severe Covid-19 pandemic raging requests put forward by
taxpayers, tax consultants and other stakeholders, the government has
decided to provide further relief to taxpayers by extending various time
limits of compliances.
Accordingly, the time limit for passing
of any order for assessment or reassessment under the Income-tax Act,
1961 has been extended to June 30, 2021. This time limit was earlier
extended to April 30, 2021 through various notifications issued under
the Taxation and Other Laws (Relaxation) and Amendment of Certain
Provisions Act, 2020.
Similarly, the Central Board of Direct
Taxes (CBDT) has also extended the time limit for passing an order
consequent to direction of DRP under sub-section (13) of section 144C of
the Act for three months to June 30, 2021.
The board has also
extended the time limit for issuance of notice under section 148 of the
Act for reopening the assessment where income has escaped assessment by
three months while the same extension has also been given for sending
intimation of processing of Equalisation Levy under sub-section (1) of
section 168 of the Finance Act 2016.
It has also been decided
that time for payment of amount payable under the Direct Tax Vivad se
Vishwas Act, 2020, without an additional amount, shall be further
extended to June 30, 2021.
A finance ministry statement said that notifications to extend the above dates will be be issued in due course.
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