Govt extends timelines for tax compliance, ITR for FY20 can be filed tillthis date details click on link
Govt extends timelines for tax compliance, ITR for FY20 can be filed till May 31
Taking in consideration the adverse circumstances arising due to the COVID-19 pandemic and also the requests received from taxpayers, tax consultants and other stakeholders from all over the country , the government decided to extend the timeline.
The government on Saturday extended timelines for various income tax compliances, including the filing of belated or revised return for the 2019-20 fiscal, till May 31.
The Central Board of Direct Taxes (CBDT) said it had received representations from various stakeholders for relaxation on compliance requirements.
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 statement said.
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 March 31, 2021, maybe filed on or before May 31, 2021, the CBDT said.
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 April 1, 2021, or thereafter, may be filed within the time allowed under that notice or May 31, 2021, whichever is later.
Also, the due date for filing objections to Dispute Resolution Panel (DRP) and filing appeals to the commissioner has been extended till May 31.
Nangia & Co LLP Partner Shailesh Kumar said the government has given relaxation to income taxpayers for various compliances till May 31, 2021. Even the timeline for filing belated/ revised ITR for FY 2019-20, which expired on March 31, 2021, has been revised and now taxpayers will be able to e-file their ITRs or revise the same 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.