New Delhi: In view of the serious Covid-19 pandemic and requests put forward by taxpayers, tax consultants and other stakeholders, the government has decided to further alleviate taxpayers by extending different periods for compliance.
Consequently, the Central Board of Direct Taxation (CBDT) has extended the time limit for the submission of late returns and the revised return for the tax year 2020-21 by two months from 31 March 2021 to 31 May 2021.
Income tax return in response to notice under Section 148 of the Income Tax Act, for which the last date of submission of the return of income under the said notice is 1 April 2021 or thereafter, may now be filed within the time allowed. under that notice or by 31 May 2021, whichever is later.
The CBDT also granted an adjournment for the submission of appeals before commissioner (appeals) until 31 May 2021. Similar extension was also given for the lodging of objections against the Dispute Resolution Panel (DRP) under section 144C of the Act.
The deadline for compliance has also been reduced by two months to 31 May 2021 for the payment of taxes deducted from the Act in terms of section 194-IA, section 194-IB and section 194M, and the filing of a challan-cum state for such tax deduction. It must currently be paid and provided by 30 April 2021 respectively.
Also, a statement in form no. 61, which contains details of declarations received in form 60, which must be submitted on or before 30 April 2021, must now be submitted on or before 31 May 2021.
The relaxation is the latest among recent initiatives the government has taken to facilitate taxpayers’ compliance with the aim of giving resignation in these difficult times, reads a statement from the Ministry of Finance.
The government also relaxed few issues regarding tax compliance last Saturday.
Source: Telangana Today