Relief measures announced due to Covid outbreak & 25% Tax under Section 115BA on certain Domestic Companies
Relief Measures Announced By Finance Minister DUE TO COVID-19 Outbreak India 2021
INCOME TAX
PARTICULARS DUE DATE EXTENDED TO
Filing of Belated or Original Income Tax Return for FY 2018-19 30th June 2020
Linking of Aadhaar – PAN 30th June 2020
Availment of Vivid se Vishwas Scheme with a waiver of 10% additional charge 30th June 2020
Where time limit of the following compliance matter expiring between 20th March 2020 to 29th June, 2020
- Issue of notice, intimation, notification, approval order, sanction order
- Filing of appeal, furnishing of return, statements, applications, reports, any other documents
- Completion of proceedings by the authority
- Investment in saving instruments or investments for rollover benefit of capital gains under Income Tax Act, Wealth Tax Act, Prohibition of Benami Property Transaction Act, Black Money Act, STT law, CTT Law, Equalization Levy law, Vivad Se Vishwas law 30th June 2020
For following delayed payments, the interest rate will be reduced from 12%/18% to 9% if the payments made between 20th March 2020 to 30th June 2020
No late fee/penalty shall be charged for delay relating to this period. However, please noted that there is no extension in the deadlines of making those payments.
Section 115BA
SECTION 115BA – 25% TAX ON CERTAIN DOMESTIC COMPANIES.
CONDITIONS –
The assessee should be a “domestic company”.
The company has been set up and registered on or after 01st March 2016.
The company should be engaged in the business of manufacture or production of any article or thing and research in relation to, or distribution of, such article or thing manufactured or produced by it.
The Company should not claim additional depreciation and deductions under section 10AA, 32AC, 32AD, 33AB, 33ABA. 35(1)(ii)/(iia)/(iii)/35(2AA)/(2AB), 35AC, 35CCC, 35CCD and Section 80H to 80TT.
The Company should not be adjusted to bring forward losses from earlier years.
The Company who satisfied all the above conditions has an option to pay taxes at the rate of 25%.
Author Bio
If property is sold in January 2021 , can we buy NHAI bonds now in July 21
Hello Akhilesh Sharma, Thanks for your reply to our post.
In order to get exemption under section 54EE, you have to invest in government-notified bonds within 6 months from the date of transfer of immovable property. To get any further clarifications you can get in touch with us at support@taxblock.in