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Due Dates of These Income Tax Deadline Extended Due To Pandemic
In light of the raging pandemic, the government has extended several deadlines. It has been agreed that the deadline for paying the sum due under the Direct Tax Vivad se Vishwas Act, 2020, without interest, will be extended until June 30, 2021.
With requests from taxpayers, tax consultants, and other stakeholders that various time barring dates, which were previously extended to 30th April, 2021 by various notifications, as well as under the Direct Tax Vivad se Vishwas Act, 2020, be further extended, the government has issued the following statement.
The Central Government has decided to extend the time limits to 30th June, 2021 in the following cases where the time limit was previously extended to 30th April 2021 through various notifications issued under the Taxation and Other Laws (Relaxation) and Amendment of Certain Provisions Act, 202, in response to several representations received (supra) and to address the hardship being experienced by various stakeholders.
Govt extends certain timelines to 30.06.2021 where time limit was earlier extended to 30.04.2021 through various notifications issued under the Taxation and Other Laws (Relaxation) and Amendment of Certain Provisions Act, 2020
— Ministry of Finance (@FinMinIndia) April 24, 2021
Read more➡️ https://t.co/a6sYFzuc6T pic.twitter.com/cucC2YfAKT
- The time limit for passing any order for assessment or reassessment under the Income-tax Act of 1961 (hereinafter referred to as "the Act"), the time limit for which is set out in sections 153 or 153B of the Act;
- The time limit for passing an order in response to a DRP's direction under section 144C's sub-section (13);
- The time limit for issuing a notice under section 148 of the Act to reopen an assessment where income has been overlooked;
- Under sub-section (1) of section 168 of the Finance Act 2016, the time limit for submitting intimation of Equalisation Levy processing has been extended.
What is the Vivad Se Vishwas Scheme all about?
This is a direct tax scheme that was proposed in Budget 2020 for resolving tax conflicts between individuals and the Income tax department. Previously, the scheme gave taxpayers a complete waiver of interest and penalty, as well as a full and final resolution of the conflict, if the scheme was followed.
It has also been agreed that the deadline for paying the sum due under the Direct Tax Vivad se Vishwas Act, 2020, without interest, will be extended until June 30, 2021.
