The government on Saturday extended timelines for diverse taxation compliances, including the filing of late or revised return for 2019-20 commercialism, till May 31.
The Central Board of Direct Taxes (CBDT) mentioned it had received representations from varied stakeholders for relaxation on compliance desires.
“In times of the adverse circumstances arising thanks to the severe COVID-19 pandemic and to boot of the numerous requests received from taxpayers, tax consultants & completely different stakeholders from across the country, requesting that varied compliance dates might even be relaxed, the govt. has extended certain timelines of late,” a political candidate statement aforesaid.
Filing of late return at a lower place sub-section (4) and revised return at a lower place sub-section (5) of Section 139 of the Act, for The assessment Year 2020-21, which was required to be filed on or before March 31, 2021, might even be filed on or before May 31, 2021, the CBDT aforesaid.
Income-tax return in response to notice at a lower place Section 148 of the Act, that the last date of filing of return of economic gain at a lower place the mentioned notice is April 1, 2021, or thereafter, might even be filed among the time allowed under its notice or May 31, 2021, whichever is later.
Also, the date for filing objections to Dispute Resolution Panel (DRP) and filing appeals to the commissioner has been extended till May 31.
Nangia & Co LLP Partner Shailesh Kumar mentioned the government has given relaxation to taxpayers for diverse compliances still might thirty one, 2021. Even the timeline for filing belated/ revised ITR for FY 2019-20, that invalid on March 31, 2021, has been revised and presently taxpayers square measure about to be ready to e-file their ITRs or revise the same by May 31, 2021.
“These relaxations offers much-required relief to the taxpayers in making the compliances. However, if things of COVID does not improve among consecutive a combine of weeks, the govt. might need to extend these timelines further,” Kumar further.