In view of the ongoing COVID-19 pandemic, the Centre on Saturday announced that the timelines of certain compliances have been extended till May 31.
According to a statement issued by the finance ministry, the Central Board of Direct Taxes (CBDT) has, under section 119 of the Income-tax Act, 1961(the Act), provided relaxation in respect of compliances by the taxpayers.
“Appeal to Commissioner (Appeals) under Chapter XX of the Act, for which the last date of filing under that Section is April 1 or thereafter, may be filed within the time provided under that Section or by May 31, whichever is later,” the statement said.
“Objections to Dispute Resolution Panel (DRP) under Section 144C of the Act, for which the last date of filing under that Section is April 1 or thereafter, may be filed within the time provided under that Section or by May 31, whichever is later,” it said.
The statement also said that the Income-tax return in response to notice under Section 148 of the Act, for which the last date of filing of return of income under the said notice is April 1 or thereafter, may be filed within the time allowed under that notice or by May 31, whichever is later.
“Filing of belated return under sub-section (4) and revised return under sub-section (5) of Section 139 of the Act, for Assessment Year 2020-21, which was required to be filed on or before March 31, may be filed on or before May 31,” it added.
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, which are required to be paid and furnished by April 30 (respectively) under Rule 30 of the Income-tax Rules, 1962, maybe paid and furnished on or before May 31.
Statement in Form No. 61, containing particulars of declarations received in Form No.60, which is due to be furnished on or before April 30, maybe furnished on or before May 31.
The above 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 the devastating second wave of COVID-19.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
More Stories
Auto insurance rates rise, but insurers could still qet squeezed by higher costs ahead
Tax refunds and stimulus checks delayed by identity fraud crossfire
Home loans grew 76% to Rs 79,043 crore in March quarter, shows data