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Govt further extends tax compliance timelines
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SME Times News Bureau | 02 May, 2021
In view of the severe Covid-19 pandemic and 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 Central Board of Direct
Taxes (CBDT) has now extended the time limit for filing of belated
return and revised return for Assessment Year 2020-21, by two months
from March 31, 2021 to May 31, 2021.
Also, Income-tax return in
response to notice under Section 148 of the Income Tax Act, for which
the last date of filing of return of income under the said notice is
April 1, 2021 or thereafter, may now be filed within the time allowed
under that notice or by May 31, 2021, whichever is later.
The
CBDT has also granted extension for filing of appeals before
Commissioner (Appeals) to May 31, 2021. Similar extension has also been
given for filing of objections to Dispute Resolution Panel (DRP) under
Section 144C of the Act.
The compliance deadline has also been
eased by two months till May 31, 2021 for Payment of tax deducted under
Section 194-IA, Section 194-IB and Section 194M of the Act, and filing
of challan-cum-statement for such tax deducted. These are are currently
required to be paid and furnished by 30 April, 2021 (respectively).
Also,
Statement in Form No. 61, containing particulars of declarations
received in Form No. 60, which is due to be furnished on or before 30
April, 2021, can now be be furnished on or before 31 May, 2021.
The
relaxations are the latest among the recent initiatives taken by the
government to ease compliances to be made by the taxpayers with the aim
to grant respite during these difficult times, a Finance Ministry
statement said.
The government had also relaxed few tax compliance related issues last week on Saturday.
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