Lawstreet Journal

[COVID-19]: Last Date to File Income Tax Returns Extended Till June 30: Ministry of Finance

Lawstreet Journal 2 Apr 2020 7:34pm

Image courtesy: Lawstreet Journal Executive [COVID-19]: Last Date to File Income Tax Returns Extended Till June 30: Ministry of Finance

An Ordinance was brought by Ministry of Finance on March 31, 2020 extending the date to file Income Tax Returns till June 30, 2020.

In order to give effect to the announcements made by the Union Finance Minister on 24th March, 2020 regarding several relief measures relating to statutory and regulatory compliance matters across sectors in view of COVID-19 outbreak, the Central Government had introduced such ordinance which also provides for extension of time limits contained in the Rules or Notification which are issued under the Taxation and Benami laws.

The Central Government also stated that the date of making payment for claiming deduction under Chapter-VIA-B of IT Act which includes Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations), etc. of the Income Tax Act, 1961 for the 2019-20 along with 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 Income Tax Act, 1961 (IT Act) has been extended to 30th June, 2020.

According to the Ordinance, the commencement date of operation for the SEZ units for claiming deduction under deduction 10AA of the IT Act has also extended to 30th June, 2020 for the units which received necessary approval by 31st March, 2020. Furthermore, no authority under various direct taxes & Benami Law shall pass an order or issue any notice before 30th June, 2020.

It has provided by the Central Government that the reduced rate of interest of 9% shall be charged for non-payment of Income-tax (e.g. advance tax, TDS, TCS) Equalization… Continue Reading...

Tagged: corona Updates  
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