CBDT due to corona virus may grant extension of date for time barring cases under IT Act, Vivad se Vishwas/Black Money Act
Income Tax Department is facing acute shortage of the staff, due to lockdown in many States / Cities to restrict the spread of virus Covid-19 ( Corona) infection.
However, there are many powers/functions/options under the Income Tax Act, 1961 which are becoming time-barring on 31st March, 2020, for example:
- Processing of Returns u/s 143(1)
- Time barring cases for imposition penaltiesÂ
- Revised and belated filing of income tax returns u/s 139
- Reopening of completed assessments under section 148
- Revision of completed assessment u/s 263 & 264
- Time barring assessments u/s 143(3) r.w.s. 142(2A)
- Time barring set-aside assessments, and
- Any any other actions/functions which may get barred by the limitation on 31st March, 2020
It is believed that Principal Chief Commissioner of Income Tax (PrCCIT) Mumbai has written a request for the extension to Chairman, CBDTÂ
Acting today Union Finance Minister Nirmala S Sitharaman, has today (24.03.2020) given various extensions and relaxations for various regulatory and statutory compliance of deadlines falling due in the month of March 2020 under Income Tax Act, GST due Corporate Laws etc. to the Corona Virus ….. Read more >>
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These are all time barring dates for the Department. What about the extension of statutory dates to be observed on the part of the assessee?