ROLE OF CBDT-
CBDT stands for Central Board of Direct Taxes. CBDT is a division of the Ministry of Finances, working under the Department of Revenue. The main function of CBDT is to formulate policies. It deals with matters relating to levy, collection of direct taxes. It also helps to supervise the functions of the entire Income Tax department. It also deals with the legislative changes in the direct tax enactments, changes in rates, and matters relating to these.
RELAXATIONS GRANTED TO THE TAXPAYERS DURING PANDEMIC-
As the pandemic hit the world in 2020, the central government had provided the people in India with many relaxations in respect to the income taxes as well. This was done to relieve the taxpayers to some extent during the difficult time. The income tax department had extended the timelines for payment of the taxes and reduced the tax rates to a great extend.
CBDT EXTENDS THE TAX COMPLIANCE DATES-
On 3rd August 2021, the CBDT has again granted some relaxation to the taxpayers. These relaxations are in respect of the current year that is 2021. Keeping in mind the pandemic, and the lockdown guidelines, the Income Tax Department had launched a new E-filing portal in the month of April 2021.
- The CBDT has extended the timeline of payments considering the difficulties that the taxpayers are facing in using the E-filing system.
- The Income Tax Department tweeted this announcement about the extended dates of the payments.
- They also mentioned that the last date for submission of the e-filing form related to equalization levy and remittances was being extended.
- The extension of these dates was done under the provisions of the Income Tax Act, 1961.
REVISED DATES RELEASED BY THE INCOME TAX DEPARTMENT-
- Equalization Levy Statement in Form 1-
For the financial year 2020-2021, the dates regarding Equalization Levy Statement have been extended till 31st August 2021. The original deadline for this was 30th June 2021, which was extended till 31st July 2021.
- Quarterly Statement Form 15CC-
The deadline for the Quarterly Statement Form was originally 15th June 2021, which is now extended to 31st August 2021. This particular statement concerns the authorized dealers in respect to the remittances that they have made during in April to June quarter in the financial year 2020-2021.
- Statement of income paid or credited by an investment fund to a unit holder in Form 64 D-
The last date to submit these forms has been extended up to 15th September 2021.
- Statement of income paid or credited by an investment fund to a unit holder in Form 64 C-
The last date to submit these forms has been extended up to 30th September 2021.
- Intimation by the pension fund for each investment made in India in Form 10 BBB-
This form is regarding the quarter ending on 30th June 2021, and the date of which is extended to 30th September 2021.
- Intimation by Sovereign wealth fund for each investment made in India in Form II-
The last date regarding such forms has been extended till 30th September 2021.