On December 30 2020, the Central Board of Direct Taxes has issued a press release addressing various concerns of taxpayers and stakeholders in relation to the compliances under the Income Tax Laws. Amongst others, the Press Release includes extension in due dates for filing tax returns, tax audit report, transfer pricing report etc. for tax year 2019-2020 for various taxpayers. Additionally, the sunset date for filing declaration under The Direct Tax Vivad Se Vishwas Act, 2020 (VSV) has been extended to 31 January 2021. On 31 December 2020 further notifications were released to formalize the various announcements made in the Press Release. Please access the press release here and notifications here. For further details please reach us here.
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