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Compliance related Relaxations Income Tax during lockdown
Date 21 Apr 2020
Written By
Indian Government Extends Tax Deadlines and Reduces Interest Rates Amid COVID-19 Lockdown; Ordinance Highlights Key Changes
The Indian government introduced the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020, providing extensions for various tax-related deadlines due to the COVID-19 lockdown. Key extensions include the filing of belated or revised income tax returns for AY 2019-2020 until June 30, 2020, without penalties, and a reduced interest rate of 0.75% per month on taxes. Deadlines for linking PAN and Aadhaar, filing TDS and TCS statements, and making investments for tax deductions are also extended to June 30, 2020. The ordinance further extends deadlines for various procedural requirements for both authorities and taxpayers.

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

Relaxation

Belated / Revised Income Tax Return u/s 139 (4) & 139 (5) of IT Act, 1961 for AY 2019-2020
  • Due Date Extended to 30.06.2020
  • No Penalty
  • Interest on tax shall be calculated @ 0.75% for every month

Linking of PAN & Aadhar
  • Due Date Extended to 30.06.2020

Payment of TDS and TCS for March,2020, April,2020 and May,2020
  • 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

Filing of TDS & TCS Quarterly statements for quarter ending March,2020
  • Due Date Extended to 30.06.2020

Investments for the purpose of deductions under chapter VI-A like, LIC, PPF, Mediclaim etc. for AY 2020-2021
  • Such investments can be done till 30.06.2020

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
  • Such investments can be done till 30.06.2020

Beginning of operations by SEZ units to claim deduction u/s 10AA
  • Such operation can begin can be done till 30.06.2020

The Direct Tax Vivad se Vishwas Act, 2020
  • 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

Filing of Forms 15G & 15H for the months of March, 2020, April, 2020 & May,2020
  • Last date shall be 30.06.2020

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:

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

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
     

 

Income Tax
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