NEW DELHI :The Central Board of Direct Taxes (CBDT) on Saturday gave taxpayers and consultants extra time to make various statutory filings and, in certain cases, for depositing tax deducted at source (TDS), in view of the challenges they are facing due to devastating second wave of the coronavirus pandemic.
NEW DELHI :The Central Board of Direct Taxes (CBDT) on Saturday gave taxpayers and consultants extra time to make various statutory filings and, in certain cases, for depositing tax deducted at source (TDS), in view of the challenges they are facing due to devastating second wave of the coronavirus pandemic.
The extra time has been given for filing tax returns in response to a notice, filing appeals to commissioners, and raising objections on orders of dispute resolution panels, according to an official statement. Taxpayers can make these filings, for which the due date was 1 April or later, till the end of May or within the date specified in the law or in the notice issued, whichever is later.
The extra time has been given for filing tax returns in response to a notice, filing appeals to commissioners, and raising objections on orders of dispute resolution panels, according to an official statement. Taxpayers can make these filings, for which the due date was 1 April or later, till the end of May or within the date specified in the law or in the notice issued, whichever is later.
Also, for filing of belated tax returns and revised return for assessment year 2020-21, which was required to be filed on or before 31 March 2021, extra time is now given till 31 May 2021, the statement reads. The Income Tax Act allows assessees to file revised returns till the end of the assessment year or before completion of tax assessment if they discover any omission or wrong statement in the original return.
Also, for filing of belated tax returns and revised return for assessment year 2020-21, which was required to be filed on or before 31 March 2021, extra time is now given till 31 May 2021, the statement reads. The Income Tax Act allows assessees to file revised returns till the end of the assessment year or before completion of tax assessment if they discover any omission or wrong statement in the original return.
For TDS compliance by persons making payment in property transactions, the due date has now been extended from 30 April to the end of May. This applies to both remitting the deducted taxes to the government and to filing the required tax statement. There is a 1% TDS requirement in property transactions.
For TDS compliance by persons making payment in property transactions, the due date has now been extended from 30 April to the end of May. This applies to both remitting the deducted taxes to the government and to filing the required tax statement. There is a 1% TDS requirement in property transactions.
In the case of rent payment above Rs50,000 a month, there is a 5% TDS requirement. In such cases, the due date for making payment to the government and to file the statement has now been extended from 30 April to end of May. Also, similar relaxation in due date has been given in the case of work contracts, including the supply of labour for carrying out any work.
In the case of rent payment above Rs50,000 a month, there is a 5% TDS requirement. In such cases, the due date for making payment to the government and to file the statement has now been extended from 30 April to end of May. Also, similar relaxation in due date has been given in the case of work contracts, including the supply of labour for carrying out any work.
These relaxations are the latest among the initiatives taken by the government to ease compliance for taxpayers and to grant them respite during these difficult times, the CBDT statement reads. CBDT said it had received several requests from taxpayers, consultants and other stakeholders from across the country for relaxation in due dates.
These relaxations are the latest among the initiatives taken by the government to ease compliance for taxpayers and to grant them respite during these difficult times, the CBDT statement reads. CBDT said it had received several requests from taxpayers, consultants and other stakeholders from across the country for relaxation in due dates.
Mint had reported on 28 April that small enterprises facing business loss and manpower shortages were seeking another round of compliance relief from the government.
Mint had reported on 28 April that small enterprises facing business loss and manpower shortages were seeking another round of compliance relief from the government.