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COVID-19 second wave | Centre extends timelines of certain tax-related activities

Payment of dues under the Direct Tax Vivad se Vishwas Act, 2020 was also been extended till June 30, 2021

April 24, 2021 / 02:07 PM IST
The Centre received “several representations (supra) to address the hardship being faced by various stakeholders,” and thus decided to extend the time limits for notifications issued under the Taxation and Other Laws (Relaxation) and Amendment of Certain Provisions Act, 2020 to June 30. (image: Shutterstock)

The Centre received “several representations (supra) to address the hardship being faced by various stakeholders,” and thus decided to extend the time limits for notifications issued under the Taxation and Other Laws (Relaxation) and Amendment of Certain Provisions Act, 2020 to June 30. (image: Shutterstock)

The Centre on April 24 extended timelines of various tax notifications till June 30, 2021, amid a raging second wave of the COVID-19 pandemic.

The Central Board of Direct Taxes (CBDT) said that requests received from taxpayers, tax consultants and other stakeholders for extension of timelines under various notifications and under the Direct Tax Vivad se Vishwas Act, 2020 were considered and extended today. Earlier, the deadlines had been extended till April 30, 2021.

CBDT added that the Centre received “several representations (supra) to address the hardship being faced by various stakeholders” and thus, decided to extend the time limits for notifications issued under the Taxation and Other Laws (Relaxation) and Amendment of Certain Provisions Act, 2020 to June 30.

Here’s what has got an extension:

> Time limit for passing of any order for assessment or reassessment under the Income-tax Act, 1961 (I-T Act) the time limit for which is provided under section 153 or section 153B thereof;

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> Time limit for passing an order consequent to direction of DRP under sub-section (13) of section 144C of the I-T Act;

> Time limit for issuance of notice under section 148 of the I-T Act for reopening the assessment where income has escaped assessment;

> Time Limit for sending intimation of processing of Equalisation Levy under sub-section (1) of section 168 of the Finance Act 2016.

> Besides the timelines, payment of dues under the Direct Tax Vivad se Vishwas Act, 2020 has also been extended till June 30, 2021 – without an additional amount.

Notifications to extend the above dates shall be issued in due course, the CBDT added.
Moneycontrol News
first published: Apr 24, 2021 01:50 pm

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