Good News: CBDT grants further extension of timelines to comply with provisions of section 54 to 54GB

The Central Board of Direct Taxes (CBDT) vide Circular No. 1 of 2023 dated 06.01.2023 has granted a further extension of timelines to comply with provisions of section 54 to 54GB. In view of the then-prevailing COVID-19 pandemic and resultant restrictions imposed, the CBDT has said that the compliances to be made by the taxpayers such as investment, deposit, etc. to claim an exemption under Section 54 to 54GB for which the last date of such compliance falls between 01.04.2021 to 28.02.2022 (both days inclusive), such compliance may be completed on or before 31.03.2023.