Ministry
of Law & Justice of Government of India, through The Gazette of India, has made
available THE TAXATION AND OTHER LAWS (RELAXATION OF CERTAIN PROVISIONS)
ORDINANCE, 2020 on 31.03.2020, wherein through ordinance Government of India
has given relaxation in various due dates and interest rates under various Acts,
including Income Tax Act,1961. Relaxation is given particularly for those due
dates or time limits which are falling due between 20th March,2020 to
29th June,2020. Herein we have attempted to compile maximum possible
extended dates and relaxation in interest rates, particularly under Income
Tax Act,1961.
Matter
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Relaxation
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Belated / Revised Income Tax Return u/s
139 (4) & 139 (5) of IT Act, 1961 for AY 2019-2020
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· Due Date Extended to 30.06.2020
· No Penalty
· Interest on tax shall be calculated @
0.75% for every month
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Linking
of PAN & Aadhar
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· Due Date Extended to 30.06.2020
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Payment
of TDS and TCS for March,2020, April,2020 and May,2020
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· Due date is same as 30.04.2020 for TDS
and 07.04.2020 for TCS
· but interest shall be charged @ 0.75% for
every month instead of 1.50 % for every month till 30.06.2020
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Filing
of TDS & TCS Quarterly statements for quarter ending March,2020
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· Due Date Extended to 30.06.2020
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Investments
for the purpose of deductions under chapter VI-A like, LIC, PPF, Mediclaim
etc. for AY 2020-2021
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· Such investments can be done till 30.06.2020
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Investments
to be made under Section 54 to 54GB like, purchasing of new house,
construction of new house etc for deductions in AY 2020-2021
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· Such investments can be done till
30.06.2020
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Beginning
of operations by SEZ units to claim deduction u/s 10AA
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· Such operation can begin can be done
till 30.06.2020
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The Direct Tax Vivad se
Vishwas Act,2020
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· Last date to apply under scheme shall
be 30.06.2020 i.e. additional 10% of tax & 20% of penalty shall not be
paid till 30.06.2020
· Additional amounts shall be payable after
30.06.2020
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Filing
of Forms 15G & 15H for the months of March,2020, April,2020 & May,2020
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· Last date shall be 30.06.2020
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Furthermore,
the Ordinance also states, that wherever any other dates, as mentioned below is
falling due between 20th March,2020 to 29th June,2020
shall also be extended upto 30.06.2020:
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In
case of the authorities, commission or tribunal:
· For Completion of any proceedings
· For Passing of any order
· For Issuance of any notice (like
notice u/s 148)
· For Issuance of any intimation,
notification, sanction or approval
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In the
case of assessee:
· For filing of appeal
· For submission of reply
· For submission of any application
· For submission of any report, return,
statement or any other document
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Disclaimer: The entire above stated article is squarely
based on our opinion, derived from the interpretation of the respective
sections, rules and circulars as amended and other notifications. The
observations are the personal view and the authors do not take responsibility
of the same and this cannot be quoted before any authority
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