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.

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