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Relaxation/ Changes under Tax provisions due to COVID 19

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

         www.numerzone.com

To view similar articles please visit :  www.ashraffca


Comments

  1. Unknown3 June 2020 at 10:41

    Good information

    ReplyDelete
  2. Unknown3 June 2020 at 10:42

    Very useful for taxpayers in this scenario... 👍

    ReplyDelete
  3. Unknown3 June 2020 at 10:48

    Informative and useful to the present situation

    ReplyDelete
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