i) Vivad Se Vishwas Scheme :
– Time limit to avail Vivad Se Vishwas Scheme – extended to 30th June, 2020.
– No additional 10% amount to be paid, if payment made by 30th June, 2020. ( The original date was 31st March 2020).
ii) Reduced Rates of Interest :
For delayed payments of : Advance Tax, TDS, TCS, Self Assessment Tax, Regular Tax, Equalization levy, STT, CTT, which are due for payment between 20/03/2020 to 29/06/2020, and if paid by 30/06/2020 then the following rates of interest shall apply :
| Particulars | Original | Revised |
| Interest Rates : | 18%/12% p.a (1.5%/1% p.m) | 9% p.a (0.75% p.m) |
| Late fees / Penalty for delay in payment | As per the law | Waived |
iii) Extended Due dates :
| Particulars | Original Due Dates | Extended Due Dates |
| Filing of Income Tax Return For F.Y 2018-19. ( late fees and interest shall be payable). | 31st March, 2020 | 30th June, 2020 |
| Aadhaar-PAN linking | 31st March, 2020 | 30th June, 2020 |
| Issue of Notice, intimation, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents, time limit for completion of proceedings. | Where the time limit is expiring between 20th March
2020 to 29th June 2020. |
30th June, 2020 |
| All investment in
saving instruments (i.e chapter VI which includes 80C – LIC,PPF,NSC, 80D, 80G etc) or investments for roll over benefit of capital gains (u/s 54 to 54GB) |
31st March, 2020 | 30th June, 2020 |
iv) Deduction u/s 80G- Donation under PM CARES fund.
– Donation to PM CARES fund shall be eligible for 100% deduction u/s 80G of the Income Tax Act.
– The limit of 10% deduction of gross income shall not be applicable for donation made to this fund.
– Donation made up to 30.06.2020 shall also be eligible for deduction from income of FY 2019-20.
– Any person including the corporate paying concessional tax on the income of FY 2020-21 under new regime can make donations to PM CARES Fund up to 30.06.2020 and can claim donation u/s 80G against income of FY 2019-20 and shall not lose his eligibility to pay concessional taxation regime for the income of FY 2020-2021.
iv) Nil/Lower Deduction Certificate w.r.t TDS & Form 15G/15H
| Nil /Lower TDS/TCS Deduction Certificate | |
| Already holding for F.Y 2019-20 | Such Certificate will be valid till 30/06/2020
Or Date of Issuing new certificate (whichever is earlier for F.Y 2020-21) |
(However the assessee should apply at the earliest for the certificate for F.Y 2020-21 as per the prescribed procedure).
– If a person had submitted valid Forms 15G and 15H to the Banks or other institutions for F.Y. 2019-20, then these Forms would be valid up to 30.06.2020.
The above summary is made as per the knowledge and opinion of the author.
Author Bio
