Govt extends timelines for tax compliance, ITR for FY20 will be filed until May 31
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, until May 31.
The Central Board of Direct Taxes (CBDT) mentioned it had acquired representations from numerous stakeholders for rest 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 mentioned.
Filing of belated return underneath sub-section (4) and revised return underneath sub-section (5) of Section 139 of the Act, for Assessment Year 2020-21, which was required to be filed on or earlier than March 31, 2021, perhaps filed on or earlier than May 31, 2021, the CBDT mentioned.
Income-tax return in response to note underneath Section 148 of the Act, for which the final date of submitting of return of earnings underneath the mentioned discover is April 1, 2021, or thereafter, could also be filed inside the time allowed underneath 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 until May 31.
Nangia & Co LLP Partner Shailesh Kumar mentioned the federal government has given rest to earnings taxpayers for numerous compliances until 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 have the ability 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.
