The Central Board of Immediate Taxes (CBDT) on Wednesday issued a notification to provide even more aid to taxpayers by extending numerous time limitations of compliances.
Appropriately, the time for filing of authentic as nicely as revised money-tax returns for the FY 2018-19 (AY 2019-20) has been extended to July 31, 2020, though the owing date for the income tax return for the FY 2019-20 (AY 2020-21) has been extended to November 30, 2020.
A finance ministry assertion said that extension has been completed in reference to the Taxation and Other Laws (Relaxation of Specified Provisions) Ordinance, 2020 brought by the federal government on March 31. The ordinance experienced prolonged numerous time boundaries for meeting the statutory and regulatory compliance needs throughout sectors because of to the outbreak of coronavirus (COVID-19) to present reduction to taxpayers.
With regard to submitting money tax return for FY20, the returns of earnings which had been essential to be submitted by the July 31 and Oct31, 2020 can now be submitted till November 30. Therefore, the date for furnishing tax audit report has also been extended to Oct, 31, 2020.
Date for payment of self-evaluation tax prolonged to November, 30
In order to provide reduction to compact and center class taxpayers, the date for payment of self-assessment tax in the scenario of a taxpayer whose self-evaluation tax legal responsibility is up to Rs 1 lakh has also been prolonged to November, 30.
On the other hand, the CBDT notification has clarified that there will be no extension of day for the payment of self-assessment tax for the taxpayers getting self-assessment tax liability exceeding Rs 1 lakh. In this case, the entire of the self-evaluation tax shall be payable by the due dates specified in the Income Tax Act (IT Act) and delayed payment would entice interest underneath segment 234A of the IT Act.
Delivering further more aid to the salaried whose expenditure in tax saving instruments have also been delayed thanks to COVID-19, the finance ministry has now allowed that payments for saying deduction less than Part 80 C, 80 D, 80 G and many others for 2019-20 can be finished until July 31.
The notification has also extended the date for producing financial commitment/ building/ invest in for declaring rollover profit/ deduction in regard of capital gains below sections 54 to 54GB of the IT Act to September 30. As a result, the financial investment/ building/ buy manufactured up to September 30 shall be qualified for proclaiming deduction from funds gains.
The date for commencement of operation for the SEZ models for professing deduction below deduction 10AA of the IT Act has also been even more extended to September 30, 2020 for the units which obtained important approval by 31st March 2020.
The furnishing of the TDS/ TCS statements and issuance of TDS/ TCS certificates are the prerequisite for enabling the taxpayers to prepare their return of money for FY 2019-20. In this regard, taxpayers have now been allowed to comply by the prolonged day of 31st July 2020 and 15th August 2020, respectively.
In addition, the date for the passing of purchase or issuance of observe by the authorities and different compliances underneath various immediate taxes and Benami Regulation which are necessary to be handed/ issued/ created by 31st December 2020 has been extended to 31st March 2021.
Therefore, the day for linking of Aadhaar with PAN would also be prolonged to 31st March 2021, the finance ministry assertion explained. The reduced charge of fascination of 9 for every cent for delayed payments of taxes, levies, and so forth specified in the Ordinance will not be relevant for the payments created right after 30th June 2020.
“Vivad Se Vishwas” plan
It could be mentioned that the Finance Minister has previously introduced extension of date for building payment with out extra amount under the “Vivad Se Vishwas” scheme to December 31, 2020 and important legislative amendments for which shall be moved in the because of training course of time.
The CBDT Notification has extended the day for the completion or compliance of the actions which are needed to be done under the Scheme by December 30 to December 31, 2020. For that reason, the day of furnishing of declaration, passing of order, and so forth., below the Scheme stand extended to December 31, 2020.
Also, deferment of the implementation of new technique for approval/ registration/ notification of sure entities u/s 10(23C), 12AA, 35 and 80G of the IT Act has by now been extended from 1st June, 2020 to 1st October, 2020.
It has now been clarified that the previous method, i.e., pre-amended procedure shall go on to implement during the period from 1st June, 2020 to 30th September, 2020. Needed legislative amendments in this regard shall be moved in the because of program of time.
CBDT reported that the Finance Minister has currently declared decreased fee of TDS for specified non-salaried payments to people and specified TCS rates by 25 for each cent for the period from May possibly 14, 2020 to March 31, 2021. The required legislative amendments in this regard shall be moved in due class of time.