COVID-19 Relief – Ease for Taxpayers, CBDT Further Extends Compliance Due Dates

In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of Novel Corona Virus (COVID-19), the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 [the Ordinance] on 31.03.2020 which, inter alia, extended various time limits. In order to provide further relief to the taxpayers for making various compliances, the Government has issued a Notification on 24.06.2020, the salient features of which are as under:

Date related extensions:

S. No. Particulars Extended Due Date Re-Extended Due Date
1 Income Tax Return filing for FY 2018-19 (i.e. AY 2019-20) 30.06.2020 31.07.2020
2 Income Tax Return filing for FY 2019-20 (i.e. AY 2020-21) 31.07.2020/

31.10.2020

30.11.2020
3 Tax Audit Report for FY 2019-20 (i.e. AY 2020-21) 30.09.2020 31.10.2020
4 Self-assessment tax liability upto Rs. 1 lakh*.

(No interest u/s 234A shall be charged)

 

*No relief has been given to taxpayers having outstanding tax liability for more than Rs. 1Lakhs and accordingly interest u/s 234A shall be applicable from original ITR filing due date.

Various ITR due dates applicable to assessee 30.11.2020
5 Investment/ payment for claiming deduction under Chapter-VIA/B i.e. 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations) etc. for FY 2019-20. 30.06.2020 31.07.2020
6 Investment/ construction/ purchase for claiming roll over benefit/ deduction in respect of capital gains under sections 54 to 54GB. 30.06.2020 30.09.2020
7 Commencement of operation for the SEZ units for claiming deduction under section 10AA.

(for the units which received necessary approval by 31st March, 2020)

30.06.2020 30.09.2020
8 TDS/TCS Return filing for FY 2019-20 30.06.2020 15.07.2020
9 Furnishing of TDS certificates in Form 16/16A for FY 2019-20 15.07.2020 15.08.2020
10 Aadhar PAN linking 30.06.2020 31.03.2021
11 Filing of declaration under Vivad Se Vishwas Scheme.

No 10% additional charge will be levied for all applications made till this date.

30.12.2020 31.12.2020
12 Issue of Notice, Intimation, Filing of Appeal, Furnish Returns, Sanctions, Applications and other compliances by Tax Payers under Direct Tax Laws and Benami Laws 31.12.2020 31.03.2021

 

Interest Rate related relaxations:

S. No. Particulars Reduced Interest Rate Re-Revised

Interest Rate

1 Delay in tax payment for the FY 2018-19 (i.e. AY 2019-20) including delayed payment of advance tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT. 9% p.a. Benefit withdrawn after 30.06.2020
2 Delay in deposit of tax deducted at source (TDS) for the month of March, 2020. 9% p.a.

(0.75% p.m.)

Benefit withdrawn after 30.06.2020

Source: Notification No.35 /2020/ F. No. 370142/23/2020-TPL issued by CBDT