In furtherance to the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (“Ordinance, 2020” for short), the Hon’ble Finance Minister earlier in the Press Release dated 13.05.2020 announced further extension of various time limits. In this regard, vide Notification dated 24.06.2020, the Central Government has further extended the deadlines for certain time limits under the Specified Acts. In this respect extension of time limits as far as compliances or completion of proceedings under Income-tax Act, 1961 (“IT Act” for short) and the Direct Tax Vivad se Vishwas Act, 2020 (“DTVV Act” for short) are as follows:
- For AY 2019-20, original income-tax return or revised return can now be filed till 31.07.2020.
- For AY 2020-21, original income-tax return can be filed till 30.11.2020. However, for the purpose of interest u/s 234A of the IT Act, extended due date shall not be considered where the tax payable exceeds Rs. 1 Lakhs.
- Due date for filing of TDS and TCS statement in case of non-government deductors for Quarter IV stands extended to 31.07.2020 and the same in respect to an office of Government stands extended to 15.07.2020.
- Due date for issuing Form No. 16 by an employer in respect to FY 2019-20 is extended till 15.08.2020.
- Any assessment due to be completed between 20.03.2020 and 31.12.2020 are allowed to be completed till 31.03.2021.
- No extension in time limit was made in the Ordinance, 2020 for making payments of any taxes or levies which are due to be paid between 20.03.2020 to 29.06.2020. However, relaxed rate of interest of 0.75% per month was made applicable in respect to such cases where the payment of such tax or levy has been made till 30.06.2020. Now by virtue of this Notification, no further extension for making payments or claiming benefit of relaxed interest rate is provided i.e. in respect to the payment of taxes or levies made after 30.06.2020. The normal interest rate will be charged given or prescribed under the IT Act.
- In case of time limit for making any investment, deposit, payment, acquisition, purchase, constriction etc. u/s 54 to 54GB of the IT Act, which falls due within the period 20.03.2020 to 29.09.2020, such time limit is extended till 30.09.2020 for the purpose of claiming exemption u/s 54 and 54GB of the IT Act.
- Due date for filing of tax audit report for AY 2020-21 is extended to 31.10.2020.
- Due date for making payment under the DTVV Act without any additional payment was extended till 30.06.2020 by virtue of the Ordinance, 2020. Vide Press Release dated 13.05.2020, the same was promised to be extended till 31.12.2020, however, corresponding amendment to bring this into effect has not been brought vide the present notification dated 24.06.2020.
- Time limit for making investments, deposits etc. for claiming any deduction u/s 80C to 80GGC of the IT Act for AY 2019-20 has further been extended from 30.06.2020 to 31.07.2020.
- Time limit for filing of an appeal by tax-payers is further extended from 30.06.2020 to 31.03.2021.
- Time limit for beginning of manufacture or production of articles or things or provisioning of services as required u/s 10AA of the IT Act will further stand extended to 30.09.2020 where the due date for making such compliances fall between the 20.03.2020 to 29.09.2020.
- Apart from the aforesaid extensions, where time limit under IT Act or DTVV Act for completion of any proceedings, passing of any order or issuance of any notice, intimation, notification, sanction, or approval or such other action by any authority, commission or tribunal falls between 20.03.2020 to 31.12.2020, the same stands extended to 31.03.2021.
- Time limit for filing of reply or application or furnishing of any report, document, return, statement or other records falling due between 20.03.2020 to 31.12.2020 is extended to 31.03.2021. However, any time-limit for payment or deposition of taxes falling due within the said period has not been extended.