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Direct Tax Alert: Extension of various Income Tax due dates by CBDT vide Notification No. 10/2021

March 01, 2021

Extension of various due dates by CBDT for passing of orders under the Income Tax Act, 1961 and the Benami Transactions (Prohibition) Act, 1988 vide Notification No. 10/2021 dated 27th February, 2021

  1. Time limits for passing of any order for assessment or reassessment under section 153 or section 153B of the Income Tax Act (‘ITA):
    • Time limit expiring on 31st March, 2021 due to extension by the earlier notification No. 93/2020 dated 31st December, 2020 has been further extended to 30th April, 2021; and
    • Due dates which are getting time barred on 31st March, 2021 and are not covered under (i) above, have been extended to 30th September, 2021.
  2. Time limit for passing of any order for imposition of penalty under Chapter XXI of the ITA expiring on or before 29th June, 2021 has been extended to 30th June, 2021.
  3. Time limit for issuing of any notice under Section 3(1)(a) or for passing of any order under Section 3(26) of the Benami Transactions (Prohibition) Act, 1988 expiring on or before 30th June, 2021 has been extended to 30th September, 2021.

SUMMARY

S. No. Type of Order Current Time Limit New time limit after extension
1 Time limit u/s 153 or 153B of the ITA expiring on 31/03/2021 due to its extension by the earlier notification 31st March, 2021 30th April, 2021
2 Due dates which are getting time barred u/s 153 or 153B of the ITA and are not covered under (1) above 31st March, 2021 30th September, 2021
3 Passing of any order for imposition of penalty under Chapter XXI of the ITA On or before 29th June, 2021 30th June, 2021
4 Issuing of any notice u/s 3(1)(a) or for passing of any order under Section 3(26) of the Benami Transactions (Prohibition) Act, 1988 30th June, 2021 30th September, 2021
   

Note: To review this tax alert in detail, Notification No. 10/2021 dated 27th February, 2021 may be referred.

Last updated: 01/03/2021

Article contributed by:

Sahil Sethi / Vaibhaw Agrawal

Direct Tax Team

MBG Corporate Services


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