business- #Good News: Income tax return filing deadline extended, Aadhaar-PAN linkage until March 2021newstolive - June 25, 2020 161 0 COMMENTS
NEW DELHI: The Central Board of Direct Taxes (CBDT) immediately stated that the Government has issued a Notification immediately (on 24th June 2020) to supply additional reduction to the taxpayers by extending varied cut-off dates of compliances.
This has reference to the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 introduced by the Government on 31st March, 2020 which, inter alia, prolonged varied cut-off dates for assembly the statutory and regulatory compliance necessities throughout sectors as a result of outbreak of Novel Corona Virus (COVID-19) to supply reduction to taxpayers.
The salient options of the notification are as beneath:
The time for filing of unique in addition to revised income-tax returns for the FY 2018-19 (AY 2019-20) has been prolonged to 31st July, 2020.
Due date for earnings tax return for the FY 2019-20 (AY 2020-21) has been prolonged to 30th November, 2020. Hence, the returns of earnings that are required to be filed by the 31st July, 2020 and 31st October, 2020 might be filed to 30th November, 2020. Consequently, the date for furnishing tax audit report has additionally been prolonged to 31st October, 2020.
In order to supply reduction to small and center class taxpayers, the date for fee of self-assessment tax within the case of a taxpayer whose self-assessment tax legal responsibility is as much as Rs. 1 Lakh has additionally been prolonged to 30th November, 2020.
However, it’s clarified that there shall be no extension of date for the fee of self-assessment tax for the taxpayers having self-assessment tax legal responsibility exceeding Rs. 1 lakh.
In this case, the entire of the self-assessment tax shall be payable by the due dates specified within the Income Tax Act (IT Act) and delayed fee would appeal to curiosity beneath part 234A of the IT Act.
The date for making varied funding/ fee for claiming deduction beneath Chapter-VIA-B of the IT Act which incorporates part 80C (LIC, PPF, NSC and so forth.), 80D (Mediclaim), 80G (Donations) and so forth.
Has additionally been additional prolonged to 31st July, 2020. Hence the funding/ fee might be made as much as 31st July, 2020 for claiming the deduction beneath these sections for FY 2019-20.
The date for making funding/ building/ buy for claiming roll over profit/ deduction in respect of capital beneficial properties beneath sections 54 to 54GB of the IT Act has additionally been additional prolonged to 30th September, 2020. Therefore, the funding/ building/ buy made as much as 30th September, 2020 shall be eligible for claiming deduction from capital beneficial properties.
The date for graduation of operation for the SEZ models for claiming deduction beneath deduction 10AA of the IT Act has additionally been additional prolonged to 30th September, 2020 for the models which acquired crucial approval by 31st March 2020.
The furnishing of the TDS/ TCS statements and issuance of TDS/ TCS certificates are the prerequisite for enabling the taxpayers to arrange their return of earnings for FY 2019-20, the date for furnishing of TDS/ TCS assertion and issuance of TDS/ TCS certificates pertaining to the FY 2019-20 has been prolonged solely to 31st July, 2020 and 15th August, 2020 respectively.
Aadhaar-PAN linkage until March 2021
The date for passing of order or issuance of discover by the authorities and varied compliances beneath varied direct taxes & Benami Law that are required to be handed/ issued/ made by 31st December, 2020 has been prolonged to 31st March, 2021. Consequently, the date for linking of Aadhaar with PAN would even be prolonged to 31st March, 2021.
The decreased price of curiosity of 9% for delayed funds of taxes, levies, and so forth. specified within the Ordinance shall not be relevant for the funds made after 30th June, 2020.
It could also be famous that the Finance Minister has already introduced extension of date for making fee with out further quantity beneath the “Vivad Se Vishwas” scheme to 31st December 2020, crucial legislative amendments for which shall be moved within the due course of time.
The stated Notification has prolonged the date for the completion or compliance of the actions that are required to be accomplished beneath the Scheme by 30th December, 2020 to 31st December, 2020. Therefore, the date of furnishing of declaration, passing of order, and so forth., beneath the Scheme stand prolonged to 31st December, 2020.
Also, deferment of the implementation of latest process for approval/ registration/ notification of sure entities u/s 10(23C), 12AA, 35 and 80G of the IT Act has already been introduced vide Press Release dated eighth May, 2020 from 1st June, 2020 to 1st October, 2020. It is clarified that the outdated process, i.e., pre-amended process shall proceed to use in the course of the interval from 1st June, 2020 to 30th September, 2020. Necessary legislative amendments on this regard shall be moved within the due course of time.
CBDT stated that the Finance Minister has already introduced decreased price of TDS for specified non-salaries funds to residents and specified TCS charges by 25% for the interval from 14th May 2020 to 31st March 2021. The announcement was additionally adopted by the Press Release dated 13th May 2020.