CBDT extends deadline for various Income Tax Compliances due to COVID-19 Pandemic

The Central Board of Direct Taxes ( CBDT ) has extended the deadline for various Income Tax Compliances due to COVID-19 Pandemic.

In view of the adverse circumstances arising due to the severe Covid-19 pandemic and also in view of the several requests received from taxpayers, tax consultants & other stakeholders from across the country, requesting that various compliance dates may be relaxed, the Government has extended certain timelines today.

 In the light of multiple representations received (supra) and to mitigate the difficulties being faced by various stakeholders, the Central Board of Direct Taxes (CBDT) has, under section 119 of the Income-tax Act, 1961(the Act), provided the following relaxation in respect of compliances by the taxpayers: 

a) Appeal to Commissioner (Appeals) under Chapter XX of the Act, for which the last date of filing under that Section is 1st April, 2021 or thereafter, may be filed within the time provided under that Section or by 31st May, 2021, whichever is later; 

b) Objections to Dispute Resolution Panel (DRP) under Section 144C of the Act, for which the last date of filing under that Section is 1st April, 2021 or thereafter, may be filed within the time provided under that Section or by 31st May, 2021, whichever is later;

 c) Income Tax 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 1st April, 2021 or thereafter, may be filed within the time allowed under that notice or by 31st May, 2021, whichever is later; 

d) Filing of belated return under sub-section (4) and revised return under sub-section (5) of Section 139 of the Act, for Assessment Year 2020-21, which was required to be filed on or before 31st March, 2021, may be filed on or before 31st May, 2021; 

e) Payment of 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 are required to be paid and fumished by 30th April, 2021(respectively) under Rule 30 of the Income-tax Rules, 1962, may be paid and furnished on or before 31st May, 2021; 

f) Statement in Form No. 61, containing particulars of declarations received in Form No.60, which is due to be furnished on or before 30th April, 2021, may be furnished on or before 31st May, 2021. 

The above relaxations are the latest among the recent initiatives taken by the Government to ease compliances to be made by the taxpayers with the aim to grant respite during these difficult times.



Summary of above circular mentioned below: 

*Extensions - Income Tax*


*Circular No. 8/2021*


i. *Appeal to Commissioner (Appeals) under Chapter XX* may be filed within the time provided under that Section or by *31st May 2021*, whichever is later


ii. *Objections to Dispute Resolution Panel (DRP) under Section 144C* may be filed within the time provided under that Section or by *31st May 2021*, whichever is later


iii. *Income-tax return in response to notice under Section 148* may be filed within the time provided under that Section or by *31st May 2021*, whichever is later


iv. *ITR for AY 2020-21* may be filed on or before *31st May 2021*


v. *Payments of TDS* deducted u/s 194IA, 194IB and 194M and filing of challan-cum-statement may be filed on or before *31st May 2021*


vi. *Statement in Form No. 61 (SFT)* may be furnished on or before *31st May 2021*


*Note:* Point i, ii & iii will be applicable in cases for which the last date of filing under that Section is 1st April 2021 or thereafter.


Link: https://www.incometaxindia.gov.in/Communications/Circular/Circular_No_8_2021.pdf



Comments

Post a Comment

Popular posts from this blog

Key Highlights of Section 194T:

Key Highlights of Section 194T: ✅ Effective from: April 1, 2025 ✅ Who needs to deduct TDS? Firms & LLPs ✅ Threshold Limit: ₹20,000 per financial year (Aggregate) ✅ TDS Rate: 10% (20% if PAN/Aadhaar not provided) ✅ Applicable on both working & non-working partners ✅ No exemption via Form 15G/15H or lower TDS certificate 🔹 Why is this important? Earlier, no TDS was required on such payments due to Section 40(b), but from April 1, 2025, firms/LLPs must deduct TDS before crediting or paying these amounts. This is a significant change impacting partnership firms, LLPs, and their partners. Firms must now ensure TDS compliance to avoid disallowance under Section 40(a).
Read more

My CA Journey summary

  Chartered Accountancy (CA)  is one of the most popular   professional courses . It is one of the Toughest courses in the world. It requires an integration of intelligence, hard work , Patience, Determination and continuous dedication with non-stop efforts.  Many aspirants relinquish this challenging journey and replace their dreams with  some other career options . My CA journey mentioned  below in  short summary: If I can become a Chartered Accountant anyone CAN. I Came from a village background with Telugu medium upto graduation. After graduating, I was confused as to what I should do. My Big Brother wanted me to pursue CA so that I have a degree, which would help me get a basic job and the required financial support in the future. That is when I decided to study further and become a Chartered Accountant. Initial period of my CA journey I was faced with a little bit of a medium issue, however I was able to clear the 1st 2 stages of CA early by spen...
Read more

GST on Corporate Guarantee

GST on Corporate Guarantee : one company (let’s say Company H) provided a corporate guarantee to a Bank or Financial institutions on behalf of its related entity, Company S . Since Company H and Company S are related persons under GST law, the question arises: ➡ Is a Corporate Guarantee taxable under GST? ➡ If yes, on what value should it be taxed, considering it is provided free of cost? Analysis As per Section 7(1)(c) read with Para 3 of Schedule I of the CGST Act, 2017, any supply of goods or services between related persons or distinct persons, made in the course or furtherance of business, is deemed a supply even without consideration. Further, Rule 28(2) of the Valuation Rules, 2017, provides that the value of a Corporate Guarantee shall be determined as: ✅ 1% per annum of the guaranteed amount (irrespective of whether the loan is partly or fully utilized) OR ✅ Actual consideration charged (if any) Whichever is higher However, as per the proviso under Rule 28, if the recip...
Read more