Features of the Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020

1. Last date for filing belated/revised tax return for Financial Year 2018-19 has been extended from 31st March, 2020 to 30th June, 2020

2. The due date for completion/passing/issuance/filing of any proceeding/order/notice or approval order or sanction order/appeal or reply orany application or any such documents which are necessary for compliance or completion of any proceedings under Income Tax Act 1961, Wealth Tax Act 1957, Prohibition of Benami Property Transactions Act 1988, Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 where the due date is between 20th March 2020 to 29th June 2020 has been extended to 30th June, 2020 .

3. The date for commencement of operations of the SEZ units for claiming deduction under Section 10AA of the Income Tax Act has been extended to 30th June, 2020 provided those units have already received necessary approval by 31st March, 2020.

4. The date for passing of order or issuance of a notice by the authorities under Benami Property Transactions Act, 1988 has also been extended to 30th June, 2020.

5. Donation made by any person to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) will be eligible for 100% deduction under Section 80G of the Income Tax Act.

6. The CGST Act, 2017 has been amended to the effect that on recommendations of the GST Council Central Government may extend the last date for various compliances inter-alia including statement of outward supplies, filing refund claims, filing appeals, etc. specified, prescribed or notified under the Act.

7. To resolve a dispute under the Direct Tax Vivad se Vishwas Act, 2020 applicant needs to pay an amount by 31st March, 2020 failing which he will have to make additional payment. However this Ordinance extends this deadline to June 30, 2020 thus there will be no additional cost will be paid in case of late payment.

8. The Ordinance extends the time limits under Sabka Vishwas Scheme with respect to the issue of statement till 31st May, 2020 and further the time limit for payment of amount has also been extended to 30thJune, 2020.

9. Last date of linking Aadhaar-PAN card has been extended to 30th June, 2020.

10. Payment of any tax, made after the due date (due between March 20, 2020 and June 29, 2020), but before June 30, 2020 (or any further date specified by the government), will not be liable for prosecution or penalty. The rate of interest payable for the delay in payment will not exceed 0.75% per month.

11. Time limits expiring between 20th March,2020 and 29th June,2020 for making investments, deposits, payments, acquisitions, purchases and construction of buildings and property, or other similar actions to claim a deduction, exemption, or allowance under sections 54 to 54GB or Chapter VI-A, of the Income Tax Act, 1961 for the FY 2019-20, have been extended to 30 June 2020.

[1] http://egazette.nic.in/WriteReadData/2020/218979.pdf

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April 2021