Taxation Due Dates Extended under Income Tax (Penalty & Assessment / Re-assessment) and Benami Act

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Taxation Due Dates Extended under Income Tax (Penalty & Assessment / Re-assessment) and Benami Act

 Central Board of Direct Taxes (CBIC), Ministry of Finance, (Department of Revenue), vide Gazette ID CG-DL-E-27022021-225559 and Notification No. 10/2021/F. No. 370142/35/2020-TPL dated 27th February, 2021 has come up with the notification in partial modification of the notification of the Government of India in the Ministry of Finance, (Department of Revenue) No.93/2020 dated the 31st December, 2020, in exercise of the powers conferred by sub-section (1) of section 3 of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020.

  • Key Highlights:
  1. where the specified Act is the Income-tax Act, 1961 and the completion of any action, as referred to in section 3 (1) (a) of the said Act, relates to passing of any order—

A. for imposition of penalty under Chapter XXI of the Income-tax Act, —

  • The 29th day of June, 2021 shall be the end date of the period during which the time limit specified in or prescribed or notified under the Income-tax Act falls, for the completion of such action; and
  • the 30th day of June, 2021 shall be the end date to which the time limit for completion of such action shall stand extended;

B. for assessment or reassessment under the Income-tax Act, and the time limit for completion of such action under section 153 or section 153B thereof, —

  • expires on the 31st day of March, 2021 due to its extension by the said notification, such time limit shall stand extended to the 30th day of April, 2021;
  • is not covered under (i) and expires on 31st day of March, 2021, such time limit shall stand extended to the 30th day of September, 2021;
  1. Benami Act

where the specified Act is the Prohibition of Benami Property Transaction Act, 1988, and the completion of any action, as referred to in section 3 (1) (a) of the said Act, relates to issue of notice under sub-section (1) or passing of any order under sub-section (3) of section 26 of the Benami Act,—

  • the 30th day of June, 2021 shall be the end date of the period during which the time limit specified in or prescribed or notified under the Benami Act falls, for the completion of such action; and
  • the 30th day of September, 2021 shall be the end date to which the time limit for completion of such action shall stand extended.

Source: http://egazette.nic.in/WriteReadData/2021/225559.pdf

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