Govt extends timelines for tax compliance, ITR for FY20 can be filed till May 31 – Times of India

Govt extends timelines for tax compliance, ITR for FY20 can be filed till May 31 – Times of India [ad_1]

Govt extends timelines for tax compliance, ITR for FY20 can be filed till May 31 - Times of India | Latest News Live | Find the all top headlines, breaking news for free online May 1, 2021

NEW DELHI: The authorities on Saturday prolonged timelines for numerous earnings tax compliances, together with the submitting of belated or revised return for the 2019-20 fiscal, till May 31.
The Central Board of Direct Taxes (CBDT) stated it had obtained representations from numerous stakeholders for leisure on compliance necessities.
“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,” an official assertion stated.
Filing of belated return beneath sub-part (4) and revised return beneath sub-part (5) of Section 139 of the Act, for (*31*) Year 2020-21, which was required to be filed on or earlier than March 31, 2021, possibly filed on or earlier than May 31, 2021, the CBDT stated.
Income-tax return in response to note beneath Section 148 of the Act, for which the final date of submitting of return of earnings beneath the stated discover is April 1, 2021, or thereafter, might be filed throughout the time allowed beneath that discover or May 31, 2021, whichever is later.
Also, the due date for submitting objections to Dispute Resolution Panel (DRP) and submitting appeals to the commissioner has been prolonged till May 31.
Nangia & Co LLP Partner Shailesh Kumar stated the federal government has given leisure to earnings taxpayers for numerous compliances till May 31, 2021. Even the timeline for submitting belated/revised ITR for FY 2019-20, which expired on March 31, 2021, has been revised and now taxpayers will be in a position to e-file their ITRs or revise the identical by May 31, 2021.
“These relaxations will give much-required relief to the taxpayers in making the compliances. However, if the situation of Covid does not improve in the next 2 weeks, the Government may need to extend these timelines further,” Kumar added.

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