LAST DATE EXTENDED for PAN-Aadhaar Linking, Vivad Se Vishwas and TDS certificates – What Authorities, Revenue Tax division CONFIRMED

The federal government on Friday prolonged deadlines for varied earnings tax compliances. The earnings tax division, in an announcement, stated the cost deadline for Vivad Se Vishwas direct tax dispute decision scheme has been prolonged by two months until August 31.

Taxpayers could make funds until October 31 with extra quantity of curiosity.

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The final date for PAN-Aadhaar linking too has been prolonged by three months to September 30, 2021.

The deadline for employers to furnish Tax Deducted at Supply (TDS) certificates in Kind 16 to staff too has been prolonged until July 31, from July 15, 2021.

Extension of Timelines: FULL LIST

In view of the affect of the Covid-19 pandemic, taxpayers are going through inconvenience in assembly sure tax compliances and in addition in submitting response to varied notices. As a way to ease the compliance burden of taxpayers throughout this tough time, reliefs are being supplied by means of Notifications nos. 74/2021 & 75/2021 dated twenty fifth June, 2021 Round no. 12/2021 dated twenty fifth June, 2021. These reliefs are:

1) Objections to Dispute Decision Panel (DRP) and Assessing Officer beneath part 144C of the Revenue-tax Act, 1961 (hereinafter known as “the Act”) for which the final date of submitting beneath that part is 1st June, 2021 or thereafter, could also be filed throughout the time supplied in that part or by thirty first August, 2021, whichever is later.

2) The Assertion of Deduction of Tax for the final quarter of the Monetary 12 months 2020-21, required to be furnished on or earlier than thirty first May, 2021 beneath Rule 31A of the Revenue-tax Guidelines,1962 (hereinafter known as “the Guidelines”), as prolonged to thirtieth June, 2021 vide Round No.9 of 2021, could also be furnished on or earlier than fifteenth July, 2021.

3) The Certificates of Tax Deducted at Supply in Kind No.16, required to be furnished to the worker by fifteenth June, 2021 beneath Rule 31 of the Guidelines, as prolonged to fifteenth July, 2021 vide Round No.9 of 2021, could also be furnished on or earlier than thirty first July, 2021.

4) The Assertion of Revenue paid or credited by an funding fund to its unit holder in Kind No. 64D for the Earlier 12 months 2020-21, required to be furnished on or earlier than fifteenth June, 2021 beneath Rule 12CB of the Guidelines, as prolonged to thirtieth June, 2021 vide Round No.9 of 2021, could also be furnished on or earlier than fifteenth July, 2021.

5) The Assertion of Revenue paid or credited by an funding fund to its unit holder in Kind No. 64C for the Earlier 12 months 2020-21, required to be furnished on or earlier than thirtieth June, 2021 beneath Rule 12CB of the Guidelines, as prolonged to fifteenth July, 2021 vide Round No.9 of 2021, could also be furnished on or earlier than thirty first July, 2021.

6) The application beneath Part 10(23C), 12AB, 35(1)(ii)/(iia)/(iii) and 80G of the Act in Kind No. 10A/ Kind No.10AB, for registration/ provisional registration/ intimation/ approval/ provisional approval of Trusts/ Establishments/ Analysis Associations and many others., required to be made on or earlier than thirtieth June, 2021, could also be made on or earlier than thirty first August, 2021.

7) The compliances to be made by the taxpayers corresponding to funding, deposit, cost, acquisition, buy, development or such different motion, by no matter title known as, for the aim of claiming any exemption beneath the provisions contained in Part 54 to 54GB of the Act, for which the final date of such compliance falls between 1st April, 2021 to twenty ninth September, 2021 (each days inclusive), could also be accomplished on or earlier than thirtieth September, 2021.

8) The Quarterly Assertion in Kind No. 15CC to be furnished by licensed seller in respect of remittances made for the quarter ending on thirtieth June, 2021, required to be furnished on or earlier than fifteenth July, 2021 beneath Rule 37 BB of the Guidelines, could also be furnished on or earlier than thirty first July, 2021.

9) The Equalization Levy Assertion in Kind No. 1 for the Monetary 12 months 2020-21, which is required to be filed on or earlier than thirtieth June, 2021, could also be furnished on or earlier than thirty first July, 2021.

10) The Annual Assertion required to be furnished beneath sub-section (5) of part 9A of the Act by the eligible funding fund in Kind No. 3CEK for the Monetary 12 months 2020-21, which is required to be filed on or earlier than twenty ninth June, 2021, could also be furnished on or earlier than thirty first July, 2021.

11) Importing of the declarations acquired from recipients in Kind No. 15G/15H in the course of the quarter ending thirtieth June, 2021, which is required to be uploaded on or earlier than fifteenth July, 2021, could also be uploaded by thirty first August,2021.

12) Exercising of choice to withdraw pending application (filed earlier than the erstwhile Revenue Tax Settlement Fee) beneath sub-section (1) of Part 245M of the Act in Kind No. 34BB, which is required to be exercised on or earlier than twenty seventh June, 2021, could also be exercised on or earlier than thirty first July, 2021.

13) Final date of linkage of Aadhaar with PAN beneath part 139AA of the Act, which was earlier prolonged to thirtieth June, 2021 is additional prolonged to thirtieth September, 2021.

14) Final date of cost of quantity beneath Vivad se Vishwas(with out extra quantity) which was earlier prolonged to thirtieth June, 2021 is additional prolonged to thirty first August, 2021.

15) Final date of cost of quantity beneath Vivad se Vishwas (with extra quantity) has been notified as thirty first October, 2021.

16) Time Restrict for passing evaluation order which was earlier prolonged to thirtieth June, 2021 is additional prolonged to thirtieth September, 2021.

17) Time Restrict for passing penalty order which was earlier prolonged to thirtieth June, 2021 is additional prolonged to thirtieth September, 2021.

18) Time Restrict for processing Equalisation Levy returns which was earlier prolonged to thirtieth June, 2021 is additional prolonged to thirtieth September, 2021.

Shailesh Kumar, Associate, Nangia & Co LLP, stated, “The press launch supplies the a lot wanted tax aid to taxpayers, who’ve suffered from COVID and acquired financial assist from their employer, mates and prolonged households, both for remedy of COVID or on account of loss of life of a member of the family from COVID.  Although the aid is granted retrospectively from FY 2019-20 onwards, because the due date for submitting ITR for FY 2019-20 has already expired, it might be vital to see, whether or not the Authorities revives the time restrict for submitting ITR for FY 2019-20.”

“The extension of assorted due dates, be it for PAN-AADHAAR linking, for cost of tax/ penalty beneath Vivaad se Vishwas scheme, completion of evaluation proceedings, completion of penalty proceedings, registration of charitable trusts and establishments for earnings tax exemption, and many others. will present extra time, each to taxpayers in addition to tax authorities for assembly the timeline.”

On the identical facet, Amit Maheshwari, Managing Associate, AKM International, stated, “This can be a welcome and far wanted aid introduced in by the CBDT. The taxpayers genuinely confronted a number of difficulties at any time when they had been hospitalised or in any other case topic to rigorous medicine. COVID remedy has additionally turned out to be expensive for fairly lots of people. The exemption for quantity acquired for medical remedy will present some respite and we hope that many taxpayers would get benefitted by this. The exemption of ex-gratia quantity acquired on loss of life can be a very good step and can present some respite to the effected households.”



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