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 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.
Taxpayers will have to pay interest for these 15 days at a reduced rate of nine per cent, after which the rate will be 18 per cent. At the same time, during the last financial year, those doing business up to five crore rupees have been given 30 days more time than the original date for filing 3B returns for March and April and also waived the late fee for filing late returns. has gone. The interest rate for the first 15 days will be zero, after that it will be charged at the rate of nine percent and after 30 days, interest will be payable at the rate of 18 percent.
The deadline for filing appeals (appeal to Commissioner) under Chapter XX of the I-T Act, 1961 has also been extended to May 31, 2021. The earlier deadline for the same was April 1, 2021.
Any objections to the Dispute Resolution Panel (DRP) under Section 144 C of the Income Tax Act can now be filed by May 21, 2021 as against April 1, 2021.
The ITR in response to notice under Section 148 of the I-T Act, 1961 can now be filed within May 31, 2021. The previous deadline for filing was April 1, 2021.
The payment of tax deducted under Section 194-IA, Section 194-IB and Section 194M of the Income Tax Act, 1961, and the filing of the challan-cum-statement for such tax deducted, can now be paid on or before May 31, 2021.
It may be noted that the statement in form number 61, containing the particulars of declarations received in form number 60 can now be furnished on or before May 31, 2021. The earlier deadline was April 30, 2021.
Meanwhile, the finance ministry has also decided to offer some relief to businesses with respect to filing GST. The government has issued some notifications to provide relief to businesses that will help them fulfil statutory and regulatory compliances under GST law due to the prevailing Covid-19 situation.