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

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 27^th 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 31^st March, 2021 due to extension by the earlier notification No. 93/2020 dated 31^st December, 2020 has been further extended to 30^th April, 2021; and
   • Due dates which are getting time barred on 31^st March, 2021 and are not covered under (i) above, have been extended to 30^th September, 2021.
2. Time limit for passing of any order for imposition of penalty under Chapter XXI of the ITA expiring on or before 29^th June, 2021 has been extended to 30^th 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 30^th June, 2021 has been extended to 30^th September, 2021.

SUMMARY

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

Article contributed by:

Sahil Sethi / Vaibhaw Agrawal

Direct Tax Team

MBG Corporate Services