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In light of hardship being faced by various stakeholders during the current second wave of COVID19, the Finance Ministry has extended the time limits to June 30 for various time barring dates that were earlier extended to April 30. Consequently, the time limit for payments under Vivad se Vishwas without additional tax of 10 per cent can now be done upto June 30.
Other areas where timeline has been extended to June 30 are time limit for sending intimation of processing of Equalisation Levy; time limit for passing of any order for assessment or reassessment under section 153 or section 153B of income tax law; Time limit for passing an order consequent to direction of Dispute Resolution Panel (DRP) under sub-section 144C (13) of the Act; and Time limit for issuance of notice under section 148 of the Act for reopening the assessment where income has escaped assessment, an official release said.
The latest Central Board of Direct Taxes (CBDT) move to extend certain timelines comes on the back of representations received from industry, consultants and other stakeholders given the worst impact of pandemic on lives and livelihoods.
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