Relief Measures Proposed by Central Government in the wake of COVID-19

  • The due date for filing original and revised income tax returns for FY 2018-19 (relevant to AY 2019-20), is extended from 31 March to 30 June 2020.
  • The due date for individuals to link their Aadhaar number with their PAN is extended from 31 March to 30 June 2020.
  • The taxpayers can make investments or payments in LIC, Public Provident Fund, National Savings Certificates, and any other fund under Section 80C, Medical-claim under Section 80D and Donations under 80G till June 30, for claiming deductions for FY 2019-20.
  • Donation made up to June 30 towards PM CARES Fund shall be eligible for 100% deduction under section 80G of the IT Act from the income of FY 2019-20
  • It also provides that any time limits expiring between 20 March and 29 June for making investments, deposits, payments, acquisitions, purchases, and construction of buildings and property, or other similar actions to claim a deduction, exemption, or allowance under sections 54 to 54GB or Chapter VI-A, of the Income-tax Act, 1961 for the FY 2019-20, are also extended to 30 June 2020.
  • The deadline for any compliance obligations under any one of the specified acts, that otherwise would fall during the period 20 March to 29 June, is extended to 30 June 2020. These obligations include:
    • The completion of any proceedings, the passing of any order, the issuance of any notice, intimation, notification, sanction or approval, or other similar actions by any authority, commission or tribunal; and
    • Filing an appeal, reply, application, report, document, return, statement, or other similar records.
  • Where a tax or levy under any one of the specified acts is payable between 20 March and 29 June but is not paid until 30 June 2020, interest will be charged at a maximum of 0.75% per month or part month of delay. No late payment penalties or other sanctions will be imposed.

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