New time limits of compliances under Taxation & Other Laws Covid-19
June 30, 2020
CBDT has issued a notification further extending few of the time limits of compliances under Taxation & Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 as under:
➡️The time for filing of original as well as revised income-tax returns for the FY 2018-19 (AY 19-20) Original Date- 31st March 2020
Extended Date- 31st July 2020
➡️Interest u/s 234A Waiver of interest u/s 234A in cases where self-assessment tax is up to Rs 1 lakh.
➡️ Deductions -
A) The date for making various investments/payments for claiming deduction under Chapter-VIA- B of the IT Act which includes section 80C (LIC, PPF, NSC, etc.), 80D (Mediclaim), 80G
(Donations) etc.
Original Date- 31st March 2020
Extended Date- 31st July 2020
B) 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.
Original Date- 31st March 2020
Extended Date- 30th September 2020
➡️ TDS-TCS Returns: The date for furnishing of TDS/TCS statements for Q4 ie quarter ending on 31st March 2020
Original Date- 30th April 2020
Extended Date-
A) For Govt offices - 15th July 2020,
B) For Others - 31st July 2020.
➡️The date for furnishing of TDS/TCS certificate
Original Date- 15th June 2020
Extended Date- 15th August 2020
➡️ Assessment, Orders, Notices, and other related matters, other compliances including linkage of Aadhaar with PAN Card - Orders, Notices, other compliances which are required to be passed/ issued/ made by 31st December 2020.
has been extended to 31st March 2021.
Note: The reduced rate of interest of 9% for delayed payments of taxes, levies, etc. specified in the Ordinance shall not be applicable for the payments made after 30th June 2020.