Speed Post News Network
New Delhi : In view of the challenges facing the taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of novel Corona Virus (COVID-19), the Government had promulgated the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 [the Ordinance] on March 31, 2020, which, inter alia, extended various time limits.
In order to provide further relief to the taxpayers for making various compliances, the Government on June 24, 2020, issued a notification the salient features of which are :
I. The time for filing of original as well as revised income-tax returns for the FY 2018-19 (AY 2019-20) has been extended to July 31, 2020.
II. Due date for income tax return for the FY 2019-20 (AY 2020-21) has been extended to November 30, 2020. Hence, the returns of income which are required to be filed by July 31, 2020, and October 31, 2020, can be filed up to November 30, 2020. Consequently, the date for furnishing tax audit report has also been extended to October 31, 2020. 30
III. In order to provide relief to small and middle class taxpayers, the date for payment of self-assessment tax in the case of a taxpayer whose self-assessment tax liability is up to Rs. 1 lakh has also been extended to November 30, 2020. However, it is clarified that there will be no extension of date for the payment of self-assessment tax for the taxpayers having self-assessment tax liability exceeding Rs 1 lakh. In this case, the whole of the self-assessment tax shall be payable by the due dates specified in the Income-tax Act, 1961 (IT Act) and delayed payment would attract interest under section 234A of the IT Act.
IV. The date for making various investment/ payment for claiming deduction under Chapter-VIA-B of the IT Act which includes section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations) etc. has also been further extended to July 31, 2020. Hence the investment/ payment can be made up to July 31, 2020, for claiming the deduction under these sections for FY 2019-20.
V. The date for making investment/ construction/ purchase for claiming roll over benefit/ deduction in respect of capital gains under sections 54 to 54GB of the IT Act has also been further extended to September 30, 2020. Therefore, the investment/ construction/ purchase made up to September 30, 2020, shall be eligible for claiming deduction from capital gains.
VI. The date for commencement of operation for the SEZ units for claiming deduction under section 10AA of the IT Act has also been further extended to September 30, 2020, for the units which received necessary approval by March 31, 2020.
VII. The furnishing of the TDS/ TCS statements and issuance of TDS/ TCS certificates being the prerequisite for enabling the taxpayers to prepare their return of income for FY 2019-20, the date for furnishing of TDS/ TCS statements and issuance of TDS/ TCS certificates pertaining to the FY 2019-20 has been extended to July 31, 2020 and August 15, 2020 respectively, according to a PIB release.
VIII. The date for passing of order or issuance of notice by the authorities and various compliances under various Direct Taxes & Benami Law which are required to be passed/ issued/ made by December 31, 2020, has been extended to March 31, 2021.