Relaxation/ Changes under Tax provisions
due to COVID 19
· Due dates for filing income tax returns of all Individuals,
HUFs, Association of Persons, Body of Individuals etc. whose accounts are not required to be audited, for the AY 2020-21 falling due on 31.07.2020 and 31.10.2020
extended to 30. November. 2020.
· A company or an individual or other entities (like proprietorship, firm etc.) or working
partner of a firm whose accounts are
required to be audited due for completion on 30.09.2020 extended to 31. October.
2020.
· Due dates for
TDS returns for Quarter ended 31.03.2020
extended from 31.05.2020 to 30.06.2020.
· Re-registration
process of Charitable Institutions
deferred till 01.10.2020.
· Interest on
tax dues falling between 20.03.2020
and 29.06.2020 reduced to 0.75% per
month (instead of 1% per month) provided the dues are paid on or before
30.06.2020.
· Due date for Revised
Returns or Belated Returns of AY 2019-20 extended from 31.03.2020 to
30.06.2020.
· Other due dates falling between 20.03.2020 and
29.06.2020 are extended to 30.06.2020 (If any compliance [Like Notice, Intimation, Hearing etc.] fall in between 20th day of
March, 2020 to the 29th day of June, 2020, the last date of that compliance
shall be extended to 30th day of June, 2020).
· Chapter VI A
investments (e.g. Life Insurance Premium, Provident Fund Contribution, Pension
Fund, Deduction in respect of Medical Treatment) and Sec. 54 to 54GB investments (The provisions of this
section provide for exemption from long term capital gains in
case of an individual or HUF available on reinvestment
of capital gains and reinvestment of sales proceeds respectively )
due by 31.03.2020 extended to 30.06.2020.
· Vivad se
Viswas (under the proposed scheme, a
taxpayer would be required to pay only the amount of the disputed taxes and
will get complete waiver of interest and penalty provided he pays by March 31,
2020) due date without additional payment extended upto 31.12.2020.
· Due date for completing Time Barring Assessments falling due by 30.09.2020 extended to
31.12.2020.
CA MOHAMED ASHARAF, FCA,
DISA(ICA)
+919447746535
To view similar articles please
visit : www.ashraffca
Good information
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