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The Government has brought in an Ordinance today which provides for extension of time limits under the Taxation and Benami Acts. The Ordinance is called 'Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020'.
The Ordinance provides for extension of time limits contained in the Rules or Notification under these Acts.
Time limits which have been extended by this Ordinance under the Direct Taxation & Benami laws are as follows:
1. Extension of last date of filing of original as well as revised income-tax returns for the FY 2018-19 (AY 2019-20) to June 30, 2020
2. Extension of Aadhaar-PAN linking date to June 30, 2020.
3. The date for making various investment/payment for claiming deduction under Chapter-VIA-B of IT Act has been extended to June 30, 2020.
4. The date for making investment/construction/purchase for claiming roll over benefit/deduction in respect of capital gains under sections 54 to 54GB of the IT Act has been extended to June 30, 2020. Such investment/ construction/purchase made up to June 30, 2020 shall be eligible for claiming deduction from capital gains arising during FY 2019-20.
5. The date for commencement of operation for the SEZ units for claiming deduction under deduction 10AA of the IT Act stands extended to June 30, 2020 for the units which received necessary approval by March 31, 2020.
6. Reduced rate of interest of 9% shall be charged for non-payment of Income-tax, Equalization Levy, Securities Transaction Tax, Commodities Transaction Tax which are due for payment from March 20, 2020 to June 29, 2020 if they are paid by June 30, 2020. Further, no penalty/ prosecution shall be initiated for these non-payments.
7. Declaration and payment under Vivad se Vishwas Scheme can be made up to June 30, 2020 without additional payment.
With respect to Indirect Taxes, the following extensions have been granted:
1. Last date of furnishing of the Central Excise returns due in March, April and May 2020 has been extended to June 30,2020.
2. Wherever the last date for filing of appeal, refund applications etc., under the Central Excise Act, Customs Act and Service Tax is from March 20, 2020 to June 29, 2020, the stands extended to June 30, 2020.
3. The date for making payment to avail of the benefit under Sabka Vishwas Legal Dispute Resolution Scheme 2019 has been extended to June 30, 2020.
Additionally, the Ordinance empowers the Government to extend due dates for various compliances, inter-alia, including statement of outward supplies, filing refund claims, filing appeals, etc. specified, prescribed or notified under the CGST Act, on recommendations of the GST Council.
It is also clarified that donations made to the PM CARES Fund shall be eligible for 100% deduction under section 80G of the IT Act. The limit on deduction of 10% of gross income shall also not be applicable to donations made to the PM CARES Fund.