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Govt expands timetables for tax consistence, ITR for FY20 can be documented till May 31

New Delhi: Govt expands timetables for tax consistence,  The public authority on Saturday broadened timetables for different annual duty compliances, including the documenting of late or reexamined return for the 2019-20 monetary, till May 31. The Central Board of Direct Taxes (CBDT) said it had gotten portrayals from different partners for unwinding on consistent prerequisites.

“Taking into account the antagonistic conditions emerging due to the serious COVID-19 pandemic and furthermore considering the few solicitations got from citizens, charge specialists and different partners from the nation over, mentioning that different consistence dates might be loose, the Government has expanded certain courses of events today,” an authority explanation said.

Documenting of late return under sub-segment (4) and changed return under sub-area (5) of Section 139 of the Act, for Assessment Year 2020-21, which was needed to be recorded at the very latest March 31, 2021, possibly documented prior to May 31, 2021, the CBDT said.

Annual expense form because of notice under Section 148 of the Act, for which the last date of recording of return of pay under the said notice is April 1, 2021, or from there on, might be documented inside the time permitted under that notice or May 31, 2021, whichever is later.

Likewise, the due date for recording issues with Dispute Resolution Panel (DRP) and documenting advances to the magistrate has been reached out till May 31.

Nangia and Co LLP Partner Shailesh Kumar said the public authority has offered unwinding to pay citizens for different compliances till May 31, 2021.

Indeed, even the course of events for documenting late/amended ITR for FY 2019-20, which terminated on March 31, 2021, has been reexamined and now citizens will actually want to e-record their ITRs or reconsider something similar by May 31, 2021.

“These relaxations will give much-expected alleviation to the citizens in making the compliances. Notwithstanding, if the circumstance of COVID doesn’t improve in the following fourteen days, the Government may have to broaden these courses of events further,” Kumar added.

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