Click here to read Notification No. 38/2021 dt April 27, 2021

Click here to read Notification No. 39/2021 dt April 27, 2021

Ministry of Finance

Government extends certain timelines in light of the raging pandemic

Dated: 24 APR 2021

In view of the severe Covid-19 pandemic raging unabated across the country affecting the lives of our people, and in view of requests received from taxpayers, tax consultants & other stakeholders 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, the Government has extended certain timelines today.

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.

Notifications to extend the above dates shall be issued in due course.

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RM/MV/KMN
(Release ID: 1713723)

Cabinet

Cabinet approves Amendments to the Finance Bill, 2021

Dated: 20 APR 2021

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi gives ex-post facto approval for the Government amendments to the Finance Bill, 2021 (enacted on 28th March, 2021 as the Finance Act, 2021).

The amendments were essential to clarify and rationalise the proposals further and address stakeholders concerns arising out of amendments proposed in the Finance Bill.

Objectives

The Government amendments to the Finance Bill, 2021 shall provide equity and inclusiveness to all the taxpayers by addressing stakeholders concerns arising out of amendments proposed in the Bill.

The Government amendments to the Finance Bill, 2021 are tax proposals which shall generate timely revenue for the Government and streamline existing provisions by addressing grievances of the taxpayers.

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DS

(Release ID: 1712856)

Click here to read and download ITAT order copy