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regular-article-logo Wednesday, 24 April 2024

Government extends timelines for tax compliance till May 31

Experts said the extension was ‘unrealistic’ given the lockdown and intensity of the pandemic

Our Special Correspondent New Delhi Published 02.05.21, 01:56 AM
Similar extensions have also been given to the filing of objections to the Dispute Resolution Panel (DRP) under Section 144C of the Act and income tax return filing in response to notice under Section 148 of the Act.

Similar extensions have also been given to the filing of objections to the Dispute Resolution Panel (DRP) under Section 144C of the Act and income tax return filing in response to notice under Section 148 of the Act. Shutterstock

The government on Saturday extended timelines for various income tax compliances, including the filing of belated or revised returns for 2019-20, till May 31.

The Central Board of Direct Taxes (CBDT) said it had received representations from various stakeholders for relaxation on compliance requirements because of the ongoing pandemic situation.

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Tax experts, however, said the extension was “unrealistic” given the lockdown and the intensity of the pandemic.

Narayan Jain, advocate and chairman, CCI Professionals Forum, said, “Considering the serious nature of the second wave of the coronavirus, the time should be extended till July 31 instead of May 31. During May, most business houses as well offices of tax professionals will not function because of the lockdowns all over the country.”

Nangia & Co LLP partner Shailesh Kumar said: “These relaxations bring relief. However, if the Covid situation does not improve in the next two weeks, the government may need to extend these timelines further.”

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

Similar extensions have also been given to the filing of objections to the Dispute Resolution Panel (DRP) under Section 144C of the Act and income tax return filing in response to notice under Section 148 of the Act.

Filing of belated returns under sub-section (4) and revised return under sub-section (5) of Section 139 for assessment year 2020-21, which was required to be submitted on or before March 31, may be filed on or before May 31.

Payment of tax deducted under Section 194-IA, Section 194-IB and Section 194M, and filing of challan-cum-statement for such tax deducted, which are required to be paid and furnished by April 30, may be done on or before May 31.

The statement in Form No. 61, containing particulars of declarations received in Form No. 60, which is due to be furnished on or before April 30, may be done on or before May 31, the official release said.

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