Extended numerous time limits under Direct Tax & Benami Act
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 consideration of the difficulties faced by taxpayers in fulfilling the legislative and regulatory enforcement requirements across sectors as a result of the outbreak of Novel Corona Virus (COVID-19), on 31 March 2020 the Government adopted the Taxation and Other Laws (Relaxation of Some Provisions) Ordinance, 2020 [the Ordinance], which expanded different time limits, among other items.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.
Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders.
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