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The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has deleted the penalty as the defects in the statement of the reportable account were rectified within the time limit.The Bench of V..
Highlights
Decision in wake of the COVID-19 pandemic.
Hardship being faced by various stakeholders.
New Delhi: Government has extended the timeline of 14 tax related matters in the wake of the COVID-19 pandemic.
An official statement said that the Central Government, in continuation of its commitment to address the hardship being faced by various stakeholders on account of the severe Covid-19 pandemic, has, on consideration of representations received from various stakeholders, decided to extend timelines for compliances under the Income-tax Act,1961 (hereinafter in the following cases, as under:
The Statement of Financial Transactions(SFT) for the Financial Year 2020-21, required to be furnished on or before 31st May, 2021 under Rule 114E of the Income-tax Rules, 1962 (hereinafter referred to as “the Rules”) and various notifications issued thereunder, may be furnished on or before 30th June, 2021;
New Delhi [India], May 20 (ANI): The Centre, in continuation of its commitment to address the hardship being faced by various stakeholders on account of the severe Covid-19 pandemic, has decided to extend timelines for compliances under the Income-tax Act, 1961 (hereinafter referred to as "the Act") after consideration of representations received from various stakeholders, said the Union Finance Ministry on Thursday.