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I-T department extends deadline for various tax compliances

I-T department extends deadline for various tax compliances

The deadline for filing the equalisation levy statement in Form-1 for the Financial Year 2020-21 has been extended till August 31, from the original due date of June 30.

The extension will provide much-needed relief to taxpayers for making the compliances (Source: PTI) The extension will provide much-needed relief to taxpayers for making the compliances (Source: PTI)

The income tax department on Tuesday extended the deadline for various compliances, including the filing of statements related to equalisation levy and remittances. The deadline for filing the equalisation levy statement in Form-1 for the Financial Year 2020-21 has been extended till August 31, from the original due date of June 30.

The quarterly statement in Form 15CC to be furnished by authorised dealers in respect of remittances made for the April-June quarter can now be filed by August 31. The original due date for filing this statement was July 15.

In a statement, the Central Board of Direct Taxes (CBDT) said that on consideration of the difficulties reported by the taxpayers and other stakeholders in the electronic filing of certain forms, it has been decided to further extend the due dates for electronic filing of these forms.

Further, considering the non-availability of the utility for e-filing of certain forms, the CBDT has decided to extend the due dates for electronic filing of forms related to intimation by pension funds and sovereign wealth funds.

Intimation to be made by the pension fund and sovereign wealth fund in respect of investment made in India for the June quarter, which is required to be furnished by July 31, can now be furnished by September 30.

Nangia & Co LLP Partner Shailesh Kumar said considering the technical glitches in the new Income tax portal, taxpayers were facing a lot of problems in meeting such timelines and many taxpayers could not even make compliance within the due date.

"The extension will provide much-needed relief to taxpayers for making the compliances and will also save them from the penal consequences of not being able to comply with the earlier timelines, due to technical glitches in the IT portal," Kumar added.

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