The government on Tuesday brought in an ordinance to give effect to various reliefs measures, including extended deadline for filing income tax, customs and central excise returns, to help taxpayers tide over the coronavirus crisis.
It also amended the provisions of the Income-tax Act to provide the same tax treatment to PM CARES Fund as available to Prime Minister National Relief Fund.
Therefore, the donation made to the PM CARES Fund shall be eligible for 100% deduction under section 80G of the IT Act. Further, the limit on deduction of 10% of gross income shall also not be applicable for donation made to PM CARES Fund.
Several measures for extension of various time limits under the Taxation and Benami Acts listed above.
Direct Taxes & Benami
The government has extended last date of filing of original as well as revised income-tax returns for the FY 2018-19 (AY 2019-20) to June 30, 2020. Also, the extension of Aadhaar-PAN linking date to June 30, 2020.
The date for making various investment/payment for claiming deduction under Chapter-VIA-B of IT Act which includes Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations), etc. has been extended to June 30, 2020.
The date for making investment/construction/purchase for claiming roll over benefit/deduction in respect of capital gains under sections 54 to 54GB of the IT Act has also been extended to June 30, 2020.
The date for commencement of operation for the SEZ units for claiming deduction under deduction 10AA of the IT Act has also extended to 30.06.2020 for the units which received necessary approval by 31.03.2020.
The date for passing of order or issuance of notice by the authorities under various direct taxes & Benami Law has also been extended to 30.06.2020.
It has provided that reduced rate of interest of 9% shall be charged for non-payment of Income-tax (e.g. advance tax, TDS, TCS) Equalization Levy, Securities Transaction Tax (STT), Commodities Transaction Tax (CTT) which are due for payment from 20.03.2020 to 29.06.2020 if they are paid by 30.06.2020. Further, no penalty/ prosecution shall be initiated for these non-payments.
Under Vivad se Vishwas Scheme, the date has also been extended up to 30.06.2020. Hence, declaration and payment under the Scheme can be made up to 30.06.2020 without additional payment.
The last date of furnishing of the Central Excise returns due in March, April and May 2020 has been extended to June 30, 2020.
Wherever the last date for filing of appeal, refund applications etc., under the Central Excise Act 1944, Customs Act 1962 and Service Tax has been extended to June 30, 2020.
The date for making payment to avail of the benefit under Sabka Vishwas Legal Dispute Resolution Scheme 2019 has been extended to June 30, 2020 thus giving more time to taxpayers to get their disputes resolved.
Also, the government can extend due dates for various compliances inter-alia including statement of outward supplies, filing refund claims, filing appeals, etc. specified, prescribed or notified under the Act, on recommendations of the GST Council.
First Published: IST