- The purpose of this Ordinance is to relax certain provisions under different legislations due to outbreak of Corona Virus.
- 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
- 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