Due to the outbreak of the Novel CoronaVirus (COVID-19), the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 [the Ordinance] on 31st March 2020 which, inter alia, extended various time limits. In continuance of this ordinance, the government has issued a notification on 24th June 2020 to extend some more relief to taxpayers.
The salient features of Notification dated 24th June 2020, are as under:
The time for filing of original as well as revised Income-tax returns for the FY 2018-19 (AY 2019-20) has been extended to 31st July 2020.
The due date for the Income-tax return for the FY 2019-20 (AY 2020-21) has been extended to 30th November 2020 and the due date for furnishing tax audit report has also been extended to 31st October 2020.
Relief from interest u/s 234A, if total tax payable at the time of filing is below Rs 1,00,000 that is no interest u/s 234A will be charged if self-assessment tax payable at the time of filing is below Rs 1,00,000. However, there will be no extension of date for the payment of self-assessment tax for the taxpayers having self-assessment tax liability exceeding Rs. 1 lakh. In this case, the whole of the self-assessment tax shall be payable by the due dates that are 31st July/31st October, and delayed payment would attract interest under section 234A of the IT Act.
The date for making various investments/payments intended for FY 2019-20 (AY 2020-21) for claiming deduction under Chapter-VIA-B of the IT Act which includes section 80C (LIC, PPF, NSC, etc.), 80D (Mediclaim), 80G (Donations), etc. has also been further extended to 31st July 2020.
The date for making investment/ construction/ purchase for claiming rollover benefit/ deduction in respect of capital gains under sections 54 to 54GB of the IT Act has also been further extended to 30th September 2020. A taxpayer has to invest the requisite amount before the filing of return and in case he is unable to invest the amount he can deposit the sum into Capital Gain Scheme Account to claim the exemption.
The furnishing of the TDS/ TCS statements and issuance of TDS/ TCS certificates being the prerequisite for enabling the taxpayers to prepare their return of income for FY 2019-20, the date for furnishing of TDS/ TCS statements and issuance of TDS/ TCS certificates pertaining to the FY 2019-20 has been extended to 31st July 2020 and 15th August 2020 respectively.
The official press release can be assessed through the following links:
Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 issued on 31st March 2020.