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KNOWLEDGE FLASH 1: ANALYSIS of THE TAXATION AND OTHER LAWS (RELAXATION OF CERTAIN PROVISIONS) ORDINANCE, 2020
Easy Analysis of EXTENSION of various DEADLINES under Income Tax Law is as under:-
Details of date extended for claiming any deduction or exemption under Income tax law:- | |||
Sr. No. | Particulars | Extended time limit | Refer Note |
1. | For deduction u/s.80C to 80GGC (i.e. Deduction under Heading B of chapter VIA) | 30th June 2020 | N1 |
2. | For deduction u/s.80H to 80RRB (i.e. Deduction under Heading C of chapter VIA) | No Extension | - |
3. | For deduction u/s.80TTA to 80TTB (i.e. Deduction under Heading CA of chapter VIA) | No Extension | - |
4. | For deduction u/s.80U (i.e. Deduction under Heading D of chapter VIA) | No Extension | - |
5. | For Deduction/exemption u/s.54 to 54GB by making investment, deposit, payment, acquisition, purchase or construction | 30th June 2020 | N1 |
6. | For beginning of manufacture or production of articles or things or providing any services referred to in section 10AA (only for those cases where the letter of approval required to be issued in accordance with the provisions of the special economic Zones Act, 2005 has been issued on or before 31st March 2020 | 30th June 2020 | N1 |
Conditions:- N1:- Above due dates are extended only for those deductions or exemptions for which due dates were falling between 20th march 2020 to 29th June 2020. | |||
Other observations:- i) Except above, dates are not extended for claiming any deduction or exemptions under Income tax Act. ii) Above date can be extended further by central government through notification | |||
Details of extension for payment of advance tax, TDS, TCS or any other tax | |||
Sr. No. | Particulars | Extended time limit | Interest need to be paid |
1. | Payment of TDS | 30th June 2020 | Maximum 9% per annum for month or part of month |
2. | Payment of Advance tax under Income tax act | 30th June 2020 | |
3. | Payment of Tax under Vivad se Vishwas act, 2020 | 30th June 2020 | |
4. | Payment of equalisation levy under chapter VIII of Finance act 2016 | No Extension | |
5. | Payment of tax under “Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015” | 30th June 2020 | |
6. | Payment of tax under “Prohibition of benami property transaction Act, 1988” | 30th June 2020 | |
7. | Payment of Security transaction tax under chapter VII of Finance (No.2) Act, 2004 | 30th June 2020 | |
Conditions for claiming extensions:- Above extension shall be available only if following conditions are complied:- i) Due date for above stated tax or levy was due to be paid between 20th March, 2020 to 29th June, 2020 ii) And such tax or levy is paid before 30th June, 2020 | |||
Benefits of extension:- If tax or levy (as stated above) is paid before given date then no penalty or prosecution shall be sanctioned for payment of such amount. | |||
Details of extension for completion of different income tax proceedings:- | |||
Sr. No. | Particulars | Extended time limit | Refer Note |
1. | “Completion of any proceedings” or “passing of any order” or “issuance of any notice, intimation, sanction or approval”, For example, i) Issuance of any notice u/s.147 of the act ii) Passing an assessment order u/s.143(3), 144, 147 or 153A or 153C iii) Issuing intimation u/s.143(1) iv) Granting registration u/s.12AA or 80G of the act v) Passing an order u/s.154 of the act | 30th June 2020 | N1 |
2. | “Filling of any appeal, reply or application” or “Furnishing any report, document, return, statement” For example, i) Filing an appeal to CIT(A), Tribunal, High Court or Tribunal ii) Filling of any reply to notice issued under Income tax act iii) Filling of be lated Income tax return for AY2019-20 iv) Filling TDS return for Q4 for FY 2019-20 v) Issuing TDS certificates | 30th June 2020 | N1 |
Conditions:- N1:- Above due dates are extended only for those compliances for which due dates were falling between 20th march 2020 to 29th June 2020. | |||
Other observations:- Above date can be extended further by central government through notification | |||
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