Ministry of Law & Justice of Government of India, through The Gazette of India, has made available THE TAXATION AND OTHER LAWS (RELAXATION OF CERTAIN PROVISIONS) ORDINANCE, 2020 on 31.03.2020, wherein through ordinance Government of India has given relaxation in various due dates and interest rates under various Acts, including Income Tax Act,1961. Relaxation is given particularly for those due dates or time limits which are falling due between 20th March,2020 to 29th June,2020. Herein we have attempted to compile maximum possible extended dates and relaxation in interest rates, particularly under Income Tax Act,1961.
| Matter | Relaxation | |
| Belated / Revised Income Tax Return u/s 139 (4) & 139 (5) of IT Act, 1961 for AY 2019-2020 |
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| Linking of PAN & Aadhar |
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| Payment of TDS and TCS for March,2020, April,2020 and May,2020 |
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| Filing of TDS & TCS Quarterly statements for quarter ending March,2020 |
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| Investments for the purpose of deductions under chapter VI-A like, LIC, PPF, Mediclaim etc. for AY 2020-2021 |
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| Investments to be made under Section 54 to 54GB like, purchasing of new house, construction of new house etc for deductions in AY 2020-2021 |
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| Beginning of operations by SEZ units to claim deduction u/s 10AA |
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| The Direct Tax Vivad se Vishwas Act,2020 |
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| Filing of Forms 15G & 15H for the months of March,2020, April,2020 & May,2020 |
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| Furthermore, the Ordinance also states, that wherever any other dates, as mentioned below is falling due between 20th March,2020 to 29th June,2020 shall also be extended upto 30.06.2020: | ||
In case of the authorities, commission or tribunal:
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In the case of assessee:
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Disclaimer: The entire above stated article is squarely based on our opinion, derived from the interpretation of the respective sections, rules and circulars as amended and other notifications. The observations are the personal view and the authors do not take responsibility of the same and this cannot be quoted before any authority
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