Govt further extends tax compliance timelines amid pandemic

New Delhi, May 1 (SocialNews.XYZ) 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.

Source: IANS