Government extends certain timelines under Income Tax Act in view of Covid-19 pandemic
As per Press Release issued by the Finance Ministry on 24th April, 2021, in view of the severe Covid-19 pandemic raging unabated across the country, extended certain timelines under Income Tax Act.
Various taxpayers, consultants and stakeholders had also requested that various time barring dates, which were earlier extended to 30th April, 2021 by various notifications, as well as under the Direct Tax Vivad se Vishwas Act, 2020, may be further extended,
In the light of several representations received(supra) and to address the hardship being faced by various stakeholders, the Central Government has decided to extend the time limits to 30th June, 2021 in the following cases where the time limit was earlier extended to 30th, April 2021 through various notifications issued under the Taxation and Other Laws (Relaxation) and Amendment of Certain Provisions Act, 2020, namely:-
(i) Time limit for passing of any order for assessment or reassessment under the Income-tax Act, 1961 (hereinafter called ‘the Act’ ) the time limit for which is provided under section 153 or section 153B thereof;
(ii) Time limit for passing an order consequent to direction of DRP under sub-section (13) of section 144C of the Act;
(iii) Time limit for issuance of notice under section 148 of the Act for reopening the assessment where income has escaped assessment;
(iv) Time Limit for sending intimation of processing of Equalisation Levy under sub-section (1) of section 168 of the Finance Act 2016.
It has also been decided that time for payment of amount payable under the Direct Tax Vivad se Vishwas Act, 2020, without an additional amount, shall be further extended to 30th June, 2021.
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