Tuesday 11 May 2021
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Income tax compliance deadlines extended

In view of the Covid-19 pandemic, the CBDT has issued a circular to provide certain relaxations to taxpayers under Income Tax Act, 1961

The income tax department has extended some of the compliance deadlines to help ease taxpayers’ burden as the second wave of Covid-19 rages across the country, affecting the economy and people’s earnings. In view of the prevailing situation, the Central Board of Direct Taxes (CBDT) has issued a circular to provide certain relaxations to taxpayers under Income Tax Act, 1961.

The tax department has said that the filing of the belated income tax return under sub-section (4) and revised return under sub-section (5) of Section 139 of the Income Tax Act, 1961, for the assessment year 2020-21 has been extended to 31 May 2021. The previous deadline for the filing was 31 March 2021.

The deadline for filing appeals (appeal to Commissioner) under Chapter XX of the I-T Act, 1961 has also been extended to 31 May 2021. The earlier deadline for the same was 1 April 2021.

Any objections to the Dispute Resolution Panel (DRP) under Section 144 C of the Income Tax Act can now be filed by 21 May 2021 as against 1 April 2021.

The ITR in response to notice under Section 148 of the I-T Act, 1961 can now be filed within 31 May 2021. The previous deadline for filing was 1 April 2021.

The payment of tax deducted under Section 194-IA, Section 194-IB and Section 194M of the Income Tax Act, 1961, and the filing of the challan-cum-statement for such tax deducted, can now be paid on or before 31 May 2021.

It may be noted that the statement in form number 61, containing the particulars of declarations received in form number 60 can now be furnished on or before 31 May 2021. The earlier deadline was 30 April 2021.

Meanwhile, the finance ministry has decided to offer some relief to businesses with GST relaxations. The government has issued some notifications to provide relief to businesses that will help them fulfil statutory and regulatory compliances under GST law due to the prevailing Covid-19 situation.

The government has issued notifications to provide relief to businesses in fulfilling the statutory and regulatory compliances under GST law due to Covid-19.

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