Income tax filers again got relief, extended deadline for various types of tax compliances

Income tax filers again got relief, extended deadline for various types of tax compliances

Income tax filers again got relief, extended deadline for various types of tax compliances

Relief to Taxpayers&nbsp

Headlines

  • Deadline for filing Equalization Fee details in Form-1 extended.
  • Quarterly statements in Form 15CC can now be filed till August 31.
  • Taxpayers and other parties had pointed out that there was a problem with some forms being filled out electronically.

New Delhi : The Income Tax Department on Tuesday extended the deadline for various tax-related compliances. This includes ‘equalization’ charges and remittance details. ‘Equalization’ fee is the TDS deducted on income from India to overseas service providers. The deadline for filing equalization fee details in Form-1 for the financial year 2020-21 has been extended from the original due date of June 30 to August 31.

Similarly, quarterly statements in Form 15CC to be submitted by authorized dealers in respect of remittances made for the April-June quarter can now be filed till August 31. The original date for submission of these details was July 15.

The Central Board of Direct Taxes (CBDT) said that taxpayers and other parties had pointed out that there were issues regarding electronic filling of certain forms. In view of this, it has been decided to extend the deadline for filling these forms electronically.

Further, in view of non-availability of facilities for e-filing of certain forms, CBDT has decided to extend the due dates for electronic filing of forms relating to information by Pension Fund and Government Wealth Fund.

Shailesh Kumar, Partner, Nangia & Co. LLP said that due to technical glitches in the new income tax portal, taxpayers were facing a lot of problems in complying with such timelines and many taxpayers were not even complying within the due date. Can you

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He said that the extension of the deadline for tax compliance will bring a lot of relief to the taxpayers. At the same time, it will also save them from penal action for not adhering to the earlier deadline due to technical glitches in the income tax portal.

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