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Govt gives more time for tax compliance as Covid rages on

Our Bureau New Delhi | Updated on May 01, 2021

I-T returns for AY21, to be filed on or before March 31, can be done by May 31

The Income-Tax Department on Saturday eased compliance by extending certain timelines. The filing of belated returns under sub-Section (4) and revised return under sub-Section (5) of Section 139 of the Act for AY21, which were required to be filed on or before March 31, can be done on or before May 31.

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 was required to be paid and furnished by April 30, respectively, can now be done on or before May 31.

I-T 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, can be filed within the time allowed under that notice or by May 31, whichever is later.

Appeal to Commissioner can be filed within the time provided or May 31, whichever is later. Earlier, the last date was April 1. 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, can be filed within the time provided under that Section or by May 31, whichever is later.

Statement in Form Number 61 with particulars of declarations received in Form Number 60, which is due to be furnished on or before April 30, can be furnished on or before May 31.

Relief for taxpayers

“In view of the adverse circumstances arising due to the pandemic and in view of several requests from taxpayers, tax consultants and other stakeholders for relaxation of compliance dates from across the country, requesting that various compliance dates may be relaxed, the Government has extended certain timelines,” a statement issued by the Finance Ministry said.

Commenting on the latest move, Shailesh Kumar, Partner, Nangia & Co LLP said given the impact of Covid, the Government has given relaxation to I-T for various compliances till May 31.

“However, if the Covid situation does not improve in the next two weeks, the Government may need to extend these timelines further, given the large number of families hit by Covid presently,” he said.

Published on May 01, 2021

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