Direct Tax Update
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Update on Relaxation in Income Tax
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RELAXATION IN COMPLIANCES AMID COVID-19 OUTBREAK
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24APRIL 2020
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Brief background
The Government vide Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance dated 31.03.2020 has provided relief to tax payers due to spread of Novel Corona Virus.
Summary
- Date for making following compliances/investments is extended from 31.03.2020 to 30.06.2020
- Filing of belated or revised return for FY 2018-19
- Linking of Aadhaar & PAN
- Investments under Section 80C (LIC, PPF, NSC etc.), Section 80D (Mediclaim) & Section 80G (Donations) to claim deduction in the FY 2019-20
- Investment/Construction/Purchase to claim deduction in respect of capital gains under Section 54 to 54GB for FY 2019-20
- Date of commencement of SEZ operations for claiming deduction under Section 10AA(Condition: Necessary approval must have been obtained by 31.03.2020)
- Time limit to avail Vivad se Vishwas Scheme and payment without additional charge of 10%
- Interest on delayed payment of following taxes shall be charged at reduced rate of 9% for taxes due from 20.03.2020 to 29.06.2020 (No late fee/penalty shall be charged apart from reduced interest rate)
- Income Tax (Advance Tax, TDS, TCS etc.)
- Equalization Levy
- Security Transaction Tax
- Commodity Transaction Tax
- Central Board of Direct Taxes (CBDT) will revise the return forms for FY 2019-20 in order to avail the above benefits
For more information or suggestions please contact us at legal@corpcode.in