‘Date extension too little, too late’
Mumbai THE central government has extended the due date for filing tax returns, but it has no buyer. The experts have termed govt action as too little, too late. In the wake of severe Covid-19 pandemic, the Central Board of Direct Taxes (CBDT) has decided to extend timelines of various tax compliance dates on Saturday last.
As per CBDT notification, the filing of belated return under sub-section (4) and revised return under sub-section (5) of Section 139 of the Income Tax Act, for Assessment Year 2020-21, which was required to be filed on or before March 31, 2021, may be filed on or before May 31. Individuals can file Appeal to Commissioner (Appeals) under Chapter XX of the Income Tax Act within "the time provided under that Section or by May 31, 2021, whichever is later, CBDT statement said. The last date of filing under that Section was set at April 1 in the past.
Objections to Dispute Resolution Panel (DRP) under Section 144C of the Act, for which the last date of filing under that Section is April 1, 2021 or thereafter, may be filed within the time provided under that Section or by May 31, 2021, whichever is later, the finance ministry said.
However, it has not gone well with the taxpayers' community. They want that it should have been extended further.
"The due date for filing Income Tax Return for Financial Year 2019-20 has been extended by merely two months and GST returns for March and April have been relaxed merely by 15 to 30 days in the time of such distress with payment of interest at 9 per cent and 18 per cent beyond specified delay. They have still not relaxed the due date for depositing TDS of filing TDS returns by business owners," CA Abhishek Aneja, a New Delhi-based tax expert told Bizz Buzz. It appears that the Government thinks that the Covid second wave will be over by the end of May 2021 and that everything will be normal for them despite the public running around for saving the life of their near and dear ones. At this time, sincere relaxation in compliance and interest burden is required as was allowed in 2020. No Government has been so stringent to the needs of tax payers and tax professionals prior to this, he added.
Income-tax return in response to notice under Section 148 of the Act may be filed within the time allowed under that notice or by May 31. Payment of tax deducted under Section 194-IA, Section 194-IB and Section 194M of the Act, and filing of challan-cum-statement for such tax deducted, which are required to be paid and furnished by April 30, 2021(respectively) under Rule 30 of the Income-tax Rules, 1962, may be paid and furnished on or before May 31, the notification said. Statement in Form No 61, containing particulars of declarations received in Form No 60, which is due to be furnished on or before April 30, 2021, may be furnished on or before May 31, it added. Prior to it, the finance ministry had relaxed the timeline for payments under the Direct Tax Vivad se Vishwas Act, 2020 (without an additional amount) till June 30.
