On Sunday the central board of taxes announced that tax players will be granted some additional time to pay their taxes, without illustrating to pay extra which concludes under the dispute settlement scheme ‘Vivad Se Vishwas’ along with numerous statutory filing credentials.
They also issued a statement saying that the deadline for igniting taxes without extra pay has been extended until 30 September, initially it was on 31 August. As for giving in the amount with extra pay is conjured to be the same 31 October. This filing has been considered great popularity with negating the disputes over 1.33 lakh pleas.
This policy seems to gain appraisal as the taxpayers are only initiated to pay the legitimate amount without giving out penalties or interest. This tax-filing constitutes cases of wealth tax, securities transaction tax (STT), commodity transaction tax (CTT) and the tax on online advertisements issued by the Income-tax department.
The tax board also announced extended time for electronic filing of forms as many taxpayers were claiming to have difficulties while issuing it. This program was perceived by Infosys, which is contrived with some glitches.
This resulted in the extension of the equalisation levy statement for FY21 from 30 June to 31 august, again which has been postponed from 31 August to 31 December because of some foreign remittances as claimed by the dealer. The date finalised for filing the statement for September has been conjured from October 15 to 31 December.
Experts claim that numerous issues have been perceived in the new income tax portal like, be it filing of equalization levy return, making application for registration of charitable trusts and other institutions for income tax exemption, quarterly statements by authorized dealers in respect of foreign remittances or filing of necessary intimation by SWFs. That is why dates have been extended by the government.
“This extension will provide the much-needed relief to taxpayers for making compliance 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.