The government has relieved taxpayers on several dates related to income tax compliance. Under this, the date of filing of late and revised Income Tax Return (ITR) for the financial year 2019-20 has been changed till May 31 of this year. The Central Board of Direct Taxes (CBDT) said that given the current state of the Corona crisis at the suggestion of taxpayers, tax advisors, and other parties, the government has decided to put forward some important dates on Saturday.
The department said that the last date for filing late income tax returns under sub-section (4) of section 139 of the Income Tax Act and the revised return under sub-section (5) was 31 March this year. This date has now been extended to 31 May. Also, in cases where notice has been sent to the taxpayers and they were given time till 1 April to respond, they can now file replies by 31 May.
The date for filing an objection before the Dispute Settlement Panel (DRP) and appealing to the Commissioner has also been extended to 31 May. The Central Board of Direct Taxes stated that it had received requests from various stakeholders for exemption in compliance requirements.
“In view of the adverse circumstances arising from the Kovid-19 epidemic and multiple requests from taxpayers, tax advisors, and other stakeholders across the country, the government has extended the deadline for various compliance dates,” the government said in an official statement. The official statement said.
Shailesh Kumar, partner of Nangia & CO LLP said that the exemption given by the government to the income taxpayers will give them a lot of relief. He further said that if the situation in the corona epidemic does not improve in the next two weeks, the government may have to push these deadlines further.