CBDT extends Assessment & Reassessment Completion Date

CBDT vide Notification no. 10/2021 dated 27.02.2021 has extended the time barring assessment/reassessment completion dates and penalty dates from March 31, 2021.

It may be important to note that there is no extension for any compliances which are required to be made by the assessee.

The following extensions have been provided vide the Notification:

• Date for passing of penalty orders has been extended to 30th June, 2021.
• Date for passing of assessment or reassessment orders under the Income Tax Act that are getting time barred on 31st March, 2021 due to its extension of limitation date vide Notification No. 93/2020 dated 31st December, 2020 has been extended to 30th April, 2021
• Date for passing assessment or reassessment orders (not covered in (2) above), that are getting time barred on 31st March, 2021, as per time limit specified in section 153/ 153B of the Income-tax Act has been extended by 6 months i.e. 30th September, 2021.
• Date for issue of notice or passing of orders by the Adjudicating Authority under the Benami Act has extended to 30th September, 2021.

MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

Notification No. 10/2021

New Delhi, the 27th February, 2021

S.O. 966(E).—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 (38 of 2020) (hereinafter referred to as the said Act), and in partial modification of the notification of the Government of India in the Ministry of Finance, (Department of Revenue) No.93/2020 dated the 31^st December, 2020, published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii), vide number S.O. 4805(E), dated the 31^st December, 2020 (hereinafter referred to as the said notification), the Central Government hereby specifies, for the purpose of sub-section (1) of section 3 of the said Act, that,—

(A) where the specified Act is the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Income-tax Act) and the completion of any action, as referred to in clause (a) of sub-section (1) of section 3 of the said Act, relates to passing of any order—

(a) for imposition of penalty under Chapter XXI of the Income-tax Act, —

(i) the 29^th 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

(ii) the 30^th 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, —

(i) expires on the 31^st day of March, 2021 due to its extension by the said notification, such time limit shall stand extended to the 30^th day of April, 2021;

(ii) is not covered under (i) and expires on 31^st day of March, 2021, such time limit shall stand extended to the 30^th day of September, 2021;

(B) where the specified Act is the Prohibition of Benami Property Transaction Act, 1988, (45 of 1988) (hereinafter referred to as the Benami Act) and the completion of any action, as referred to in clause (a) of sub-section (1) of section 3 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,—

(i)  the 30^th 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

(ii) the 30^th day of September, 2021 shall be the end date to which the time limit for completion of such action shall stand extended.

  Report