Friday, May 7, 2021

Govt extends the timelines for tax compliance; ITR can be filed till May 31 for FY20

Govt extends timelines for tax compliance, ITR for FY20 can be filed till May 31

NEW DELHI: The public authority on Saturday broadened timetables for different personal expense compliances, including the recording of late or updated return for the 2019-20 monetary, till May 31. 

The Central Board of Direct Taxes (CBDT) said it had gotten portrayals from different partners for unwinding on consistence prerequisites. 

"Considering the unfavorable conditions emerging due to the serious Covid-19 pandemic and furthermore taking into account the few solicitations got from citizens, charge specialists and different partners from the nation over, mentioning that different consistence dates might be loose, the Government has broadened certain timetables today," an authority explanation said. 

Documenting of late return under sub-segment (4) and changed return under sub-area (5) of Section 139 of the Act, for Assessment Year 2020-21, which was needed to be recorded at the very latest March 31, 2021, possibly recorded at the latest May 31, 2021, the CBDT said. 

Personal government form because of notice under Section 148 of the Act, for which the last date of recording of return of pay under the said notice is April 1, 2021, or from there on, might be documented inside the time permitted under that notice or May 31, 2021, whichever is later. 

Likewise, the due date for recording issues with Dispute Resolution Panel (DRP) and documenting bids to the chief has been stretched out till May 31. 

Nangia and Co LLP Partner Shailesh Kumar said the public authority has offered unwinding to pay citizens for different compliances till May 31, 2021. Indeed, even the course of events for recording late/changed ITR for FY 2019-20, which terminated on March 31, 2021, has been amended and now citizens will actually want to e-document their ITRs or update something very similar by May 31, 2021. 

"These relaxations will give much-expected alleviation to the citizens in making the compliances. Notwithstanding, if the circumstance of Covid doesn't improve in the following fourteen days, the Government may have to expand these courses of events further," Kumar added.

Catch Daily Highlights In Your Email

* indicates required

Post Top Ad