Detailed Analysis on Extension of Due dates & other relaxation given by Government of India for various Statutory compliance under Income Tax Act,1961 through “THE TAXATION AND OTHER LAWS (RELAXATION OF CERTAIN PROVISIONS) ORDINANCE, 2020“, which came in pubic domain on 31st March 20 and other notifications issued from time to time. I have tried to complied all the Key compliance falls during the period March 20 to June 20 alongwith detailed analysis of relaxation given from various legal Consequences, which are otherwise applicable under Income Tax Act, 1961
| Statutory Compliance under Income Tax Act | |||||||
| S. N. | Nature of Obligation / Particulars | Form / Challan | Frequ-ency | Original Due Date | Exte-nded Due Date | Original conse-quence like Interest / penalty / Fee | Revised conse-quence like Interest / penalty / Fee |
| Extension & Relief for TDS & TCS related Compliances:- | |||||||
| 1) | Due date for deposit of TDS / TCS for the month of: –
February 2020 March 2020 April, 2020 May 2020 June 2020 |
Challan No. ITNS 281 |
Monthly |
7th March 2020
30th April 2020 7th May 2020 7th June 2020 7th July 2020 |
7th March 2020
30th April 2020 7th May 2020 7th June 2020 7th July 2020 |
1) Interest @ 1% / 1.5% p.m. or part thereof as the case may be u/s 201(1A) & 206C (7);
2) Penalty u/s 221 or 271C/CA up to TDS / TCS amount; 3) Punis-hable with rigorous Impriso-nment for (Mini. 3 months or Maxi. 7 years) with fine u/s 276B/BB |
1) For the payments due on 7th March 20 1%/1.5% p.m. or part thereof and penalties & prose-cution is also applicable.
2) For all other payments interest @ 0.75% p.m. or part thereof and all penalties & prose-cution is waived off if Taxes paid on or before 30th June 2020 |
| 2) | Due dates all Quarterly statement of TDS / TCS deposited for the quarter ending
March 31, 2020 June 30, 2020 March 31, 2020 June 30, 2020 |
(TDS)
24Q, 26Q, 27Q (TCS) 27EQ |
Quarterly |
31st May 2020 31st July 2020 15th May 2020 15th July 2020 |
30th June 2020
31st July 2020 30th June 2020 15th July 2020 |
1) Late Fee u/s 234E of Rs. 200 per day & up to the amount of TDS deducted / TCS collected.
2) Penalty u/s 272A @ Rs. 100 per day and maxi. up to the amount of TDS deducted / TCS collected. 3) Penalty u/s 271H mini. 10,000 to maxi. 1,00,000. |
1) Not leviable i.e. Nil for quarter ending on March 31, 2020 only.
2) No relief for quarter ending June 30, 2020 |
| 3) | Furnishing of challan-cum-statement for tax deducted u/s
(i) 194-IA (Purchase of property >50 Lacs) (ii) 194-IB (Payment of Rent >50K p.m. in case of Individual /HUF) (iii) 194M (Payment related to any contract, commission, professional fee etc. by Individual/ HUF > 50 lacs) in month of January 2020 February 2020 March 2020 April 2020 May 2020 |
26QB
26QC
26QD |
Monthly | 2nd March 2020
30th March 2020 30th April 2020 30th May 2020 30th June 2020 |
2nd March 2020
30th March 2020 30th April 2020 30th May 2020 30th June 2020 |
Same Interest, penalty & prose-cution as ment-ioned in para 1 & 2 above except disallo-wance of expense. | Interest will be charged @ 0.75% p.m. or part thereof and all penalties & prose-cution is waived off if Taxes paid on or before 30th June 2020.
|
| 4) | A) Issuance of TDS Certificate in respect of salary paid and tax deducted during F/Y 2019-20.
B) Issuance of TDS certificates (other than salary) for the quarter ending March 31, 2020. |
Form 16 Form 16A |
Yearly
Quarterly |
15th June 2020
15th June 2020 |
30th June 2020
15th July 2020 |
Penalty u/s 272A @ Rs. 100 per day and maxi. up to the amount of TDS deducted. | Not leviable i.e. Nil
Not leviable i.e. Nil |
| 5) | Issuance of Quarterly TCS certificates for the quarter ending March 31, 2020. | Form 27D | Quarterly | 30th May 2020 | 15th July 2020 | Penalty u/s 272A @ Rs. 100 per day and maxi. up to the amount of TCS Collected. | |
| 6) | Issuance of TDS Certificate for tax deducted under Section 194-IA / 194-IB / 194M in the month of: –
January 2020 February 2020 March 2020 April 2020 |
16B/
16C/ 16D
|
Monthly | 17th March 2020
14th April 2020 15th May 2020 15th June 2020 |
17th March 20
30th June 2020 |
Penalty u/s 272A @ Rs. 100 per day and maxi. up to the amount of TDS deducted. |
Not leviable i.e. Nil in all cases except Jan 2020. |
| 7) | A) Extension of validity of lower / Nil rate TDS / TCS certificates u/s 195, 197 and 206C (9) obtained for F/Y 2019-20 subject to some conditions.
B) Further, validity of Form 15 G & 15H submitted to Bank & other Institutions for F/Y 2019-20 is also extended. |
Form -13
15G & 15H |
Yearly | 31st March 2020 | 30th June 2020 or disposal of applic-ation by A.O, which-ever is earlier
30th June 2020 |
TDS /TCS is required to be Deducted /collected as per prescribed rate otherwise penal provisions as per para 1 above are applicable. | Lower or Nil rate of TDS /TCS is allowed to be deducted /collected as per Certificate. |
| 8) | Due date for uploading declarations received from recipients in Form 15G/15H during the quarter ending March 31, 2020 June 30, 2020 | 15 G & 15H | Quarterly | 30th April 2020
15th July 2020 |
30th June 2020
15th July 2020 |
Penalty u/s 272A @ Rs. 100 per day and maxi. Up to TDS Deductible. | Not leviable i.e. Nil for March quarter only. |
| 9) | Due date for submission of declaration received from manuf-acturer buyers in Form- 27C (Part-I) for non-collection of TCS on sale of goods like scrap, liquor, timber, etc.
February 2020 March 2020 April, 2020 May 2020 June 2020 |
Form No. 27C Part-II | Monthly | 7th March 2020
7th April 2020 7th May 2020 7th June 2020 7th July 2020 |
7th March 20
30th June 2020 7th July 2020 |
Penalty u/s 272A @ Rs. 100 per day and maxi. Up to the amount of TCS collectible. | Not leviable i.e. Nil in all cases except Feb. 2020 & June 2020. |
| Extension & Relief for other Income Tax compliances :- | |||||||
| 1) | Due dates for filing of belated / revised income tax returns for the FY 2018-19 (AY 2019-20) | All ITR Forms | Yearly | 31st March 2020 | 30th June 2020 | 1) Interest @ 1% p.m. or part thereof u/s 234 A/B respe-ctively.
2) Further, in case of belated return you are liable for late fee u/s 234F mini. 1000 to maxi. 10,000. |
No relief has been given for Interest & Late fee as otherwise applicable. |
| 2) | The last date for linking of PAN with Aadhaar. | NA | One Time | 31st March 2020 | 30th June 2020 | PAN would be de-activated after 31st March 2020. | Not de-activated till 30th June 2020 |
| 3) | The time limit for payment under the Direct Tax Vivad Se Vishwas Act, 2020. | Form-1 Form-2 | One Time | 31st March 2020 | 30th June 2020 | 10 / 5 % Additional Charges as the case may be. | No Addi-tional Charges will be levied if payment made up to 30th June 2020. |
| 4) | Due dates 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 (Donation), etc. | Yearly | 31st March 2020 | 30th June 2020 | No deduction allowed during F/Y 2019-20 if paid after 31st march 2020. | You can claim dedu-ctions during F/Y 2019-20 if paid before 30th June 2020. | |
| 5) | Due dates for making investment / construction / purchase of Residential House, Bonds etc. for claiming roll over benefit /deduction in respect of capital gains under sections 54 to 54GB | Yearly or Tran-saction wise. | Falls during the period 20th March 2020 to 29th June 2020 | 30th June 2020 | No deduction allowed during F/Y 2019-20. | Same as above. | |
| 6) | A) Payment of 4th instalment of advance income tax for the A/Y 2020-21.
B) Payment of whole amount of advance tax for the A/Y 2020-21 (under presumptive scheme of Section 44AD/ 44ADA) |
ITNS-280 | Quarterly | 15th March 2020 | 15th March 20 | Interest @ 1% p.m. or part thereof u/s 234C | Interest @ 1% p.m. or part thereof u/s 234C |
| 7) | First Instalment of Advance Tax for the Assessment year 2021-22 | ITNS-280 | Quarterly | 15th June 2020 | 15th June 2020 | Interest @ 1% p.m. or part thereof u/s 234C | Interest @ 0.75% p.m. or part thereof u/s 234C if paid before 30th June 2020. |
| 8) | Due date for furnishing of statement of financial transaction (AIR) as per section 285BA (1) read with rule 114E for F/Y 2019-20. | Form No. 61A | Yearly | 31st May 2020 | 30th June 2020 | Penalty u/s 271FA @ Rs. 500 per day. | Not Leviable i.e. NIL |
| 9) | 1) For I. Tax Department
The time limit for the i) completion of proceedings ii) passing of any order iii) Issue of notice, iv) intimation, v) notification, vi) approval /sanction order by any authority, Commission, Tribunal & other under the provision of Income Tax Act. 2) For Assessees The time limit for the i) filing of an appeal / reply ii) furnishing of any report or documents iii) filing of Return /statements iv) or any other records by any person under provision of Income tax Act. |
Expiring between 20th March 2020 to 29th June 2020
Expiring between 20th March 2020 to 29th June 2020 |
30th June 2020
30th June 2020 |
||||
Author Bio
