{"id":2866,"date":"2021-03-02T07:15:24","date_gmt":"2021-03-02T07:15:24","guid":{"rendered":"https:\/\/swaritadvisors.com\/blog\/?p=2866"},"modified":"2021-03-02T07:16:42","modified_gmt":"2021-03-02T07:16:42","slug":"cbdt-notifies-extension-of-limitation-dates-under-the-income-tax-act-1961","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/blog\/cbdt-notifies-extension-of-limitation-dates-under-the-income-tax-act-1961\/","title":{"rendered":"CBDT Notifies Extension of Limitation Dates under the Income Tax Act 1961"},"content":{"rendered":"\n<p class=\"has-drop-cap\">The Central Board of Direct Taxes or CBDT, by way of\nthe powers provided under section 3 (1) of the Taxation and Other Laws\n(Relaxations &amp; Amendment of Certain Provisions) Act 2020, has passed the Notification\nNo 10\/ 2021, issued on 27.01.2021 to notify Extension of Limitation Dates under\nthe Income Tax Act 1961.<\/p>\n\n\n\n<p>Further, the same notification aims to modify the\nprovisions of Notification No 93\/ 2020, issued on 31.12.2020.<\/p>\n\n\n\n<p>In this learning blog, we will cover the concept and\nextension of limitation dates under the Income Tax Act 1961.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a77aa199d8\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a77aa199d8\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/blog\/cbdt-notifies-extension-of-limitation-dates-under-the-income-tax-act-1961\/#Concept_of_Income_Tax\" title=\"Concept of Income Tax\">Concept of Income Tax<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/blog\/cbdt-notifies-extension-of-limitation-dates-under-the-income-tax-act-1961\/#Situations_under_which_CBDT_notifies_Extension_of_Limitation_Dates\" title=\"Situations under which CBDT notifies Extension of Limitation Dates\">Situations under which CBDT notifies Extension of Limitation Dates<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/blog\/cbdt-notifies-extension-of-limitation-dates-under-the-income-tax-act-1961\/#Income_Tax_Act_1961\" title=\"Income Tax Act 1961\">Income Tax Act 1961<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/blog\/cbdt-notifies-extension-of-limitation-dates-under-the-income-tax-act-1961\/#Imposition_of_Penalty_under_Chapter_XXI\" title=\"Imposition of Penalty under Chapter XXI\">Imposition of Penalty under Chapter XXI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/blog\/cbdt-notifies-extension-of-limitation-dates-under-the-income-tax-act-1961\/#Assessment_and_Reassessment_under_section_153_or_153B\" title=\"Assessment and Reassessment under section 153 or 153B\">Assessment and Reassessment under section 153 or 153B<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/swaritadvisors.com\/blog\/cbdt-notifies-extension-of-limitation-dates-under-the-income-tax-act-1961\/#Prohibition_of_Benami_Property_Transaction_Act_1988\" title=\"Prohibition of Benami Property Transaction Act 1988\">Prohibition of Benami Property Transaction Act 1988<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/swaritadvisors.com\/blog\/cbdt-notifies-extension-of-limitation-dates-under-the-income-tax-act-1961\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/swaritadvisors.com\/blog\/cbdt-notifies-extension-of-limitation-dates-under-the-income-tax-act-1961\/#Official_Notification_Passed_by_CBDT\" title=\"Official Notification Passed by CBDT\">Official Notification Passed by CBDT<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Concept_of_Income_Tax\"><\/span>Concept of Income Tax<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The term Income Tax denotes a tax that is imposed by\nthe government on the businesses and individuals who are earning above the exempted\nlimit. The same is levied on the amount earned as income by an assessee\u2019s in\nthe previous financial year. The word Financial Year means the year which\nstarts on the 1<sup>st<\/sup> April of each year and ends on 31<sup>st<\/sup>\nMarch of the next year.<\/p>\n\n\n\n<p><strong>Further, the\nterm income includes the following:<\/strong><\/p>\n\n\n\n<ul><li>Dividend\nSources;<\/li><li>Salaries;<\/li><li>Interests;<\/li><li>Royalties;<\/li><li>Rents;<\/li><li>Product Sales;<\/li><li>Gambling\nWinnings, etc.;<\/li><\/ul>\n\n\n\n<p>Also, the document used by the assessee to file his\/ her income tax for the previous financial year is known as <strong><a href=\"https:\/\/swaritadvisors.com\/income-tax-return-filing\" class=\"text-primary\">Income Tax Return<\/a><\/strong>. There are seven different types of ITRs applicable under the provisions of the Income Tax Act 1961.<\/p>\n\n\n\n<p><strong>Also, Read:<\/strong> <mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/blog\/cbdt-notifies-extension-of-deadline-for-the-vivad-se-vishwas-scheme\/\">CBDT Notifies Extension of Deadline for the Vivad Se Vishwas Scheme<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Situations_under_which_CBDT_notifies_Extension_of_Limitation_Dates\"><\/span>Situations under which CBDT notifies Extension of Limitation Dates<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The provisions under which <a href=\"https:\/\/www.incometaxindia.gov.in\/pages\/about-us\/central-board-of-direct-taxation.aspx\">CBDT<\/a> notifies Extension of Limitation Dates are as follows:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Income_Tax_Act_1961\"><\/span>Income Tax Act 1961<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Wherein the mentioned Act is the\nIncome Tax Act 1961, and the completion of any action, as specified under section\n3 (1) (a) of the said act, relates to the passing of any order as follows:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Imposition_of_Penalty_under_Chapter_XXI\"><\/span>Imposition of Penalty under Chapter XXI<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>The extended limitation dates can be summarised as:<\/p>\n\n\n\n<ul><li>29.06.2021 shall\nbe the end date for the period prescribed under the Income Tax Act, for the\ncompletion of such action;<\/li><li>30.06.2021 shall\nbe the end date for the period prescribed for the completion of such action;<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Assessment_and_Reassessment_under_section_153_or_153B\"><\/span>Assessment and Reassessment under section 153 or 153B<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>The extended limitation dates can be summarised as:<\/p>\n\n\n\n<ul><li>Earlier, the\ndate of completion was 31.03.2021, however, the same has been extended till\n30.04.2021;<\/li><li>If a case is not\ncovered under (a), and expires on 31.03.20201, then, in that case, the said\nlimit has been extended till 30.06.2021;<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Prohibition_of_Benami_Property_Transaction_Act_1988\"><\/span>Prohibition of Benami Property Transaction Act 1988<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Wherein the mentioned Act is the\nProhibition of Benami Property Transaction Act 1988 and the completion of any\naction, as specified to in section 3 (1) (a) of the said act, deals with the\nissue of notice under subsection (1) or the passing of any order under\nsubsection (3) of section 26 are as follows:<\/p>\n\n\n\n<ul><li>30.06.2021\nshall be the end date for the\nperiod prescribed under the Prohibition of Benami Property Transaction Act, for\nthe completion of such action;<\/li><li>&nbsp;30.09.2021\nshall be the end date for the period prescribed for the completion of such\naction;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In\na nutshell, CBDT, by way of the powers provided, has amended the provisions of\nthe Notification No 93\/ 2020, issued on 31.12.2020. Further, the same was done\nthrough Notification No 10\/ 2021, on 27.01.2021, which deals with the Extension\nof Limitation Dates under the Income Tax Act 1961.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Official_Notification_Passed_by_CBDT\"><\/span>Official Notification Passed by CBDT<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<a href=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/03\/CBDT-Notifies-Extension-of-Limitation-Dates.pdf\" class=\"pdfemb-viewer\" style=\"\" data-width=\"max\" data-height=\"max\"  data-toolbar=\"bottom\" data-toolbar-fixed=\"off\">CBDT-Notifies-Extension-of-Limitation-Dates<br\/><\/a>\n<p class=\"wp-block-pdfemb-pdf-embedder-viewer\"><\/p>\n\n\n\n<p><strong>Also, Read:<\/strong> <mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/learning\/cbdt-clarifies-provisions-regarding-tds-deduction-from-salaries-for-f-y-2020-21\/\">CBDT Clarifies Provisions Regarding TDS Deduction from Salaries for F.Y. 2020-21\n<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Board of Direct Taxes or CBDT, by way of the powers provided under section 3 (1) of the Taxation and Other Laws (Relaxations &amp; Amendment of Certain Provisions) Act 2020, has passed the Notification No 10\/ 2021, issued on 27.01.2021 to notify Extension of Limitation Dates under the Income Tax Act 1961. Further, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":2867,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[41,50],"tags":[447],"acf":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/2866"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/comments?post=2866"}],"version-history":[{"count":10,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/2866\/revisions"}],"predecessor-version":[{"id":2890,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/2866\/revisions\/2890"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media\/2867"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media?parent=2866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/categories?post=2866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/tags?post=2866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}