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/
|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)
|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.
|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
|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.
|Benefit withdrawn after 30.06.2020|
Source: Notification No.35 /2020/ F. No. 370142/23/2020-TPL issued by CBDT