DESIRABILITY TO ALLOW EXTENSION BY ASSESSING OFFICERS without loss to assessee and revenue both – combing back of old provision is need of hour in view of COVID19 and OMICRON related problems and similar other serious health conditions and other contingencies etc.

DESIRABILITY TO ALLOW EXTENSION BY ASSESSING OFFICERS without loss to assessee and revenue both – combing back of old provision is need of hour in view of COVID19 and OMICRON related problems and similar other serious health conditions and other contingencies etc. https://www.taxtmi.com/article/detailed?id=10106 Proposal to reinstate and formalise AO power to grant limited extensions of statutory filing deadlines for returns where exceptional personal, health, operational or contingency circumstances impede timely compliance. Extensions would be subject to interest payable as per law to protect revenue, while preserving assessees' entitlement to deductions, loss carryforwards and refund interest. Procedural features include prescribed application form and time limits, illustrative grounds, evidentiary rules for repeat applications, differentiated extension caps, and a deemed-allowance/default decision timeframe with prompt service of rejection orders. en-us Thu, 09 Dec 2021 09:09:05 +0530 Thu, 09 Dec 2021 09:09:05 +0530 TaxTMI RSS Generator DESIRABILITY TO ALLOW EXTENSION BY ASSESSING OFFICERS without loss to assessee and revenue both – combing back of old provision is need of hour in view of COVID19 and OMICRON related problems and similar other serious health conditions and other contingencies etc. https://www.taxtmi.com/article/detailed?id=10106 Proposal to reinstate and formalise AO power to grant limited extensions of statutory filing deadlines for returns where exceptional personal, health, operational or contingency circumstances impede timely compliance. Extensions would be subject to interest payable as per law to protect revenue, while preserving assessees' entitlement to deductions, loss carryforwards and refund interest. Procedural features include prescribed application form and time limits, illustrative grounds, evidentiary rules for repeat applications, differentiated extension caps, and a deemed-allowance/default decision timeframe with prompt service of rejection orders. Articles Other Topics Thu, 09 Dec 2021 09:09:05 +0530 https://www.taxtmi.com/article/detailed?id=10106