THE TAXATION AND OTHER LAWS (RELAXATION OF CERTAIN PROVISIONS) ORDINANCE, 2020

THE TAXATION AND OTHER LAWS (RELAXATION OF CERTAIN PROVISIONS) ORDINANCE, 2020
  1. The purpose of this Ordinance is to relax certain provisions under different legislations due to outbreak of Corona Virus.
  2. The Acts amended under this Ordinance are-
  • Wealth Tax 1957
  • Income Tax Act 1961
  • The Benami Transactions (Prohibition) Act, 1988
  • Finance Act, 2004
  • Finance Act, 2013
  • Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
  • The Direct Tax Vivad Se Vishwas Act, 2020

3. In order to provide further relief to the taxpayers the Ordinance is amended on 24th June 2020. The salient features of the Amendment are-

  • The date for linking of Aadhaar with PAN would also be extended to 31st March, 2021
  • The time for filing of original as well as revised income-tax returns for the FY 2018-19 (AY 2019-20) has been extended to 31st July, 2020.
  • Due date for income tax return for the FY 2019-20 (AY 2020-21) has been extended to 30th November, 2020.
  • The date for making various investment/ payment for claiming deduction under IT Act has extended to 31st July, 2020.
  • The date for making investment/ construction/ purchase for claiming roll over benefit/ deduction in respect of capital gains has also been further extended to 30th September, 2020.
  • The date for commencement of operation for the SEZ units for claiming deduction has extended to 30th September, 2020.
  • The date for furnishing of TDS/ TCS statements and issuance of TDS/ TCS certificates pertaining to the FY 2019-20 has been extended to 31st July, 2020 and 15th August, 2020 respectively.
  • The date for passing of order or issuance of notice by the authorities under various laws, which are required to be passed/ issued/ made by 31st December, 2020 has been extended to 31st March, 2021.
  • The reduced rate of interest of 9% for delayed payments of taxes, levies etc. specified in the Ordinance shall not be applicable for the payments made after 30th June, 2020