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The Ministry of Finance on Tuesday bought in an Ordinance which provides for extension of time limits under the Taxation and Benami Acts for filing of Income Tax Returns, till the 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 Acts.

The ordinance passed by the Central Government has provided some relief to the taxpayers in the nation as the last date of filing of Income- Tax Return original as well as revised for the year 2018-19 is now extended to 30th June, 2020. The Government has also made the extension of Aadhar-Pan linking date to 30th June, 2020.

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. 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 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 Levy, Securities Transaction Tax (STT), Commodities Transaction Tax (CTT) which are due for payment from 20th March,2020 to 29th June, 2020 if they are paid by 30th June, 2020. Further, no penalty/prosecution shall be initiated for these non-payments and also declaration and payment under Vivad se Vishwas Scheme can be made up to 30th June,2020 without additional payment.

Furnishing of the Central Excise returns which are due in March, April and May 2020 can now be made till 30th June,2020. In continuation, the last date for filing of appeal, refund applications etc., under the Central Excise Act, 1944 and rules as well as under the Customs Act, 1962 and rules which was made from 20th March, 2020 to 29th June, 2020, are now extended to 30th June ,2020. The same shall go with the filing of appeal etc., relating to Service Tax. The central Government has further extended the time for making payment to avail the benefit under Sabka Vishwas Legal Dispute Resolution Scheme 2019 till 30th June, 2020.

Lastly, the Government has also inserted an enabling section in the CGST Act, 2017 empowering 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 Act, on recommendations of the GST Council.

Read the Press Note:


-India Legal Bureau

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