CBDT extends deadlines for Vivaad Se Vishwas, equalisation levy and other compliance filings

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The Central Board of Direct Taxes Sunday extended certain compliance deadlines including payments for Vivaad Se Vishwas settlement cases and filing statements of equalization levy, owing to difficulties faced by taxpayers.

“On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act,1961 read with Income-tax Rules,1962 (Rules), CBDT has decided to further extend the due dates for electronic filing of such Forms,” the Board said in a statement.

The last date for payment of tax without additional amount under Vivad se Vishwas has been further extended to September 30, from earlier deadline of August-end. With the additional amount, the last date remains as October 31.

The relaxation was given after taxpayers faced difficulties in issuing and amending requisite forms, it said in a statement. The government said it will issue necessary notification to this effect shortly.

Equalisation levy statement for FY21 can be filed by December 31, 2021 instead of the earlier deadline of August 30. Time limit for processing equalisation levy returns had already been extended to September 30, from earlier deadline of June 30.

Experts said that the relaxations will greatly help taxpayers at a time when glitches in the new income tax portal continue to pose problems in meeting compliance deadlines.

“The extension will provide much needed relief to taxpayers for making the compliances and will also save them from penal consequences of not being able to comply with the earlier timelines, due to technical glitches in the IT portal,” said Shailesh Kumar, partner at Nangia & Co LLP.

Among other relaxations, the quarterly statement to be furnished by authorized dealer in respect of remittances made for the quarters ending June 30, and September 30, can be furnished by November 30 and December 31, respectively. Earlier deadlines were August 31 and October 15, respectively.

Intimation to be made by sovereign wealth fund and pension funds of investments made by them in India for the quarter ended June 30 and for quarter ending September 30, can be made by November 30 and December 31, respectively. Earlier deadlines were September 30 and October 15, respectively.

Multinational enterprises whose Indian entities that are resident in India, that have to submit country-by-country report on the global allocation of their income and taxes or provide intimation on behalf of the international group, under transfer pricing norms, can do so by December 31, instead of the earlier deadline of November 30.

Applications for registration or provisional approval of trusts, institutions and research associations can be made by March 31, 2022 instead of the earlier deadline of August 31.

Declarations received from recipients in Form 15G/15H for the quarter ending June 30 and quarter ended September 30, can be uploaded by November 30 and December 31, respectively. The earlier deadline was August 31 and October 15, respectively.

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