Govt has extended numerous time limits under The Direct Tax & Benami Acts.
In order to ease the struggles faced by various stakeholders as a result of the Covid-19 pandemic, the government has agreed to extend timetables for compliance with the I Tax Act in the following circumstances, based on representations received from various stakeholders:
- The deadline for notifying the Income Tax Department with your Aadhaar number in order to link your PAN to it has been extended from September 30, 2021 to March 31, 2022.
- Deadline for completing penalty procedures under the Act has been pushed back from September 30, 2021 to March 31, 2022.
Moreover, the Adjudicating Authority’s time limit for issuing notice and passing orders under : Prohibition of Benami Property Transactions Act, 1988 has also been extended to 31.03.2022.
In order to provide some relief to taxpayers for creating multiple compliances, on June 24, 2020, the Government issued a Notification, the main features of which are as continues to follow:
- For the period from 14 May 2020 to 31 March 2021, the Finance Minister has already released a decreased TDS rate for specified non-salaried payments to residents and specified TCS rates by 25 percent.
- The press release dated 13th May 2020, also followed the announcement. In this regard, the appropriate legislative amendments shall be moved in due time.
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