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Covid 19 relief measure to Income Tax

Last date of filing belated or revised income tax return for financial year 2018-19  (AY 2019-20) has been extend from 31st March, 2020 to 30th June, 2020.

The last date of linking Aadhaar Card with PAN Card extended from 31st March, 2020 to 30th June, 2020.

Time limit to avail Vivad se Vishwas scheme extended from 31st March, 2020 to 30 June, 2020. Waiver of additional 10% amount till 30th June 2020.

Extension of time limit for following matter where time limit is expiring between 20th March, 2020 to 29th June 2020.

  • Issuing of notice, intimation, notification, approval order, sanction order,
  • Filing of appeal, furnishing of return, statements, applications, reports, any other documents,
  • Time limit for completion of proceedings by the authority,
  • Any compliance by the taxpayer including investment in saving instruments or investments for roll over benefit of capital gains under Income Tax Act, Wealth Tax Act, Prohibition of Benami Property Transaction Act, Black Money Act, STT law, CTT Law, Equalization Levy law, Vivad Se Vishwas law.

Interest at reduced rate of 9% instead of 12% or 18% towards the delayed payment/deposit of the following income tax levies, made between 20th March 2020 and 30th June 2020.

  • Advanced tax,
  • Self-assessment tax,
  • Regular tax,
  • Tax Deducted at Source (TDS),
  • Tax Collected at Source (TCS),
  • Equalization levy,
  • Security Transaction Tax (STT),
  • Commodity Transaction Tax (CTT).

How to get benefit of latest updates of income tax

To know more about covid 19 measure on income tax contact EAdvisors CAs through email to info@eadvisors.in or send a text or whatsapp to +91 9910000833.

6 Comments

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