government, taxes


government, taxes
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Government extends deadline for numerous tax compliances, VsV funds

The revenue tax division on Sunday prolonged the deadline for numerous compliances, together with the submitting of statements for equalisation levy and remittances.

The deadline for submitting the Equalisation Levy assertion in Form-1 for the Financial Year 2020-21 has been prolonged until December 31, towards the unique due date of June 30.

The quarterly assertion in Form 15CC to be furnished by approved sellers in respect of remittances made for the June and September quarter can now be filed by November 30 and December 31 respectively. The authentic due date for submitting this assertion was July 15 and October 15 respectively.

In an announcement, the Central Board of Direct Taxes (CBDT) stated on consideration of difficulties reported by the taxpayers and different stakeholders within the digital submitting of sure kinds it has been determined to additional prolong the due dates for e-filing of those kinds.

In a separate assertion, the CBDT introduced extending the deadline for making funds underneath the direct tax dispute decision scheme Vivad Se Vishwas (VsV) by a month until September 30. However, taxpayers have the choice to make funds until October 31, with an extra quantity of curiosity.

Also, the due dates for digital submitting of kinds associated to intimation by pension funds and sovereign wealth funds too have been prolonged.

Intimation to be made by Pension Fund and sovereign wealth fund in respect of funding made in India for the June and September quarter, which is required to be furnished by July 31 and October 31, would now need to be furnished by November 30 and December 31 respectively.

The CBDT additionally prolonged the due date for importing of declarations acquired in Form 15G/15Hfor the June and September quarter until November 30 and December 31 respectively. The authentic due dates had been July 15 and October 15 respectively.

The deadlines are being prolonged as glitches marred the functioning of the brand new revenue tax portal ‘www.incometax.gov.in’, launched on June 7.

The Finance Ministry had final week “summoned” Infosys CEO Salil Parekh to elucidate why points continued to plague the portal developed by the software program main.

Finance Minister Nirmala Sitharaman, within the assembly with Parekh on August 23, expressed “deep disappointment” over persisting glitches for greater than two months after portal launch and gave him time until September 15 to resolve all points. 

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