Taxpoint: Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill 2020

Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill 2020 introduced in Lok Sabha Highlights (Bill no- 116 of 2020)

ITR filing for AY 2019-20 is to be extended from 30th Sep to 31-3-2021.
ITR filing for AY 2020-21 is to be extended from 30th Nov. to 31-3-2021.
The filing of audit reports under any provision for AY 2020-21 is to be extended from 31st Oct to 31-3-2021.
TDS/TCS returns for Feb & March-20 and Q 4 for March 20 (as the case)under all subsections are to be extended to31-3-2021.
Furnishing of certificate u/s 192 is to be extended from 15th Aug to 31-3-2021.

Sections 54 to 54GB:
- The time limit for completion or compliance is to be extended from 29th Sep to 31-12-2021.
- For making such completion or compliance is to be extended from 30th Sep to 31-3-2021.
Chapter – VI A under heading B –
- The time limit for completion or compliance is to be extended from 30th July to 31-12-2020,
- For making such completion or compliance the date is to be extended from 31st July to 31-3-2021.
Vivad se vishvas Scheme 2020
- Time limit to be extended from 30th Dec 20 to 31-12-2020.
- For completion or compliance is to be extended from 31-12-2020 to 31-3-2021.
No extension of payment of taxes.
The interest rate for late payment of taxes 3/4% pm or part of thereof. (Only if the tax payable is above Rs. 1 lac)
No penalty will be levied & No prosecution shall be sanctioned for the delay period for payment of taxes.
- Explanation- The period of delay means the period between the due date and the time of payment.
The new provisions for charitable trusts for reregistration etc Approval u/s 10(23)(C), Re-registration u/s 12A/ 12AA, and 80G is proposed to come in to force from 01-04-2021 from earlier extended date of 1-10-2020.

Tags: Income Tax

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