CBDT Extends Time Limit For Compliance To Seek Exemption under S. 54 To 54GB Of The IT Act

The Central Board of Direct Taxes (CBDT) has notified the extension of the time limit for compliance to be made for claiming any exemption under sections 54 to 54GB of the Income-tax Act, 1961.

The Board had issued a circular dated June 25, 2021, which provided relaxation in respect of certain compliances to be made by taxpayers, including investment, deposit, payment, acquisition, purchase, construction, etc., for the purpose of claiming any exemption under the provisions contained in Sections 54 to 54GB of the Income-tax Act, 1961.

The Circular provided that the compliances falling between April 1, 2021, and September 29, 2021, may be completed on or before September 30, 2021.

The CBDT received the representations and considered them, along with the then-prevailing COVID-19 pandemic and the resulting restrictions imposed, which caused genuine hardship for taxpayers in complying with the Act.

The CBDT notified the taxpayers that the compliances to be made by the taxpayers for claiming exemption under sections 54 to 54GB of the Act, for which the last date of compliance falls between April 1, 2021, and February 28, 2022, may be completed on or before March 31, 2023.

Circular No. 1 of 2023

Date: 06.01.2023

Click Here To Read The Circular