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Due to ongoing COVID19 situation below mentioned are the updates for Tax and Regulatory Compliance, issued via Press Release ID1607942 dated 24.03.2020:
1) Extension of last date for filing Income tax Return for FY 2018-19:
a) As per the provision of section 139(4) of the Income Tax Act, 1961, any person who has not furnished a return within the time allowed to him under sub-section (1), may furnish the return for any previous year at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. Accordingly, the last date of filing the belated income tax return for FY 2018-19 is 31st March, 2020.
b) In view of COVID-19 outbreak, the last date for income tax returns for (FY 18-19) has been extended from 31st March, 2020 to 30th June, 2020.
2) Extension of last date for linking of Aadhaar-PAN:
a) CBDT vide its Notification No. 11 dated 13th Feb, 2020 clarifies that the last date of linking PAN with Aadhaar is March 31, 2020, after which PAN and Aadhar become inoperative if not linked.
b) In view of COVID-19 outbreak, Aadhaar-PAN linking date has been extended from 31st March, 2020 to 30th June, 2020.
3) Extension of Vivad se Vishwas scheme without 10% additional charge:
a) During the Union Budget 2020, the ‘Vivad se Vishwas’ Scheme was announced to provide taxpayers a lucrative opportunity to settle direct tax disputes by waiving interest and penalty on their pending taxes. As per the scheme, the taxpayer should opt and deposit the disputed dues by 31.03.2020, in order to get 100% relief from interest, penalty and fees. Scheme also contain an extensions period for opting the scheme of three months i.e. upto 30.06.2020, however, in extended period scenario, the taxpayer has to pay additional 10% of the disputed tax amount.
b) In view of Covid-19 outbreak, the last date for depositing dues under this scheme has been extended from March 31, 2020 to June 30, 2020 without 10% additional charge.
4) Extension of due dates expiring between 20th March 2020 to 29th June 2020:
a) The due dates for issue of notice, intimation, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents and time limit for completion of proceedings by the authority and 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 where the time limit is expiring between 20th March 2020 to 29th June 2020 shall be extended to 30th June 2020 in view of COVID-19 outbreak.
5) Reduction in levying Interest rate for depositing tax and waiver of late fee / Penalty:
a) In view of Covid-19 outbreak, for delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between 20th March 2020 and 30th June 2020, reduced interest rate at 9% instead of 12 %/18 % per annum ( i.e. 0.75% per month instead of 1/1.5 percent per month) will be charged for this period. No late fee/penalty shall be charged for delay relating to this period.
6) Order u/s 119 of The Income Tax Act, 1961 on issue of certificates for lower rate / Nil deduction/collection of TDS or TCS u/s 195, 197 and 206C(9) due to covid-19 outbreak – Dated 31st March, 2020:
There is a severe disruption in the normal working of almost all the sectors, including the functioning of Income tax department due to COVID-19 outbreak. The applications filed by the payees u/s 195 and 197 of the Act for lower or nil rate of deduction of TDS and applications by buyers/ licensees/lessees u/s 206C (9) of the Act for lower or nil rate of collection of TCS for F.Y. 2020-21 have not been attended in a timely manner by the TDS/TCS - Assessing Officers causing hardship to taxpayers.
In view of this, the CBDT vide its order issues following directions/clarifications.
7) Application for lower/Nil deduction certificates:
a) An applicant shall apply for the lower/Nil deduction/collection certificates u/s 197/206C(9) of the Income Tax Act, 1961 vide an email addressing to the Assessing Officer concerned. The email shall contain data/documents as under:
1) Duly filed in Form 13
2) The documents/information as required to be uploaded on TDS-CPC website while filling up Form 13
3) Projected Balance Sheet and P&L of FY 2020-21
4) Provisional Balance Sheet and P&L of FY 2019-20
5) Balance Sheet and P&L of FY 2018-19
6) 26AS for FY 2019-20 & 2018-19
7) ITR pertaining to FY 2018-19
The Certificates shall be issued up to 30.06.2020 or any other date earlier than 30.06.2020 as specified by the A.O.
Disclaimer: Although due care and diligence have been taken in the preparation and uploading this Regulatory Updates, Bhavya Sharma & Associate shall not be responsible for any loss or damage, resulting from any action taken on the basis of the contents of this Regulatory Updates. Anyone wishing to act on the basis of the material contained herein should do so after cross-checking with the circulars, notifications, press release issued by the concerned department.
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