I am submitting below gist of some changes brought in tax rules by the concerned department. These are collected from various sources.
I however request you to verify the same before trusting it in its entirety.
-------_-------------------
Extension & Relaxation announced by Central Board of Direct Taxes on 24.06.2020 – The Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020
1. The time for filing of original as well as revised IT returns for the FY 2018-19 (AY 2019-20) has been extended to 31.07.2020 ( instead of 30.06.2020)
2. Due date for IT return for the FY 2019-20 (AY 2020-21) has been extended to 30.11.2020
3. The date for furnishing Tax Audit report has been extended to 31.10.2020.
4. Extension for Payment of Self -Assessment tax upto Rs.1 Lakh liability, extended to 30.11.2020 (Relief for Small & Middle class taxpayers). Late payment of Self- assessment tax liability above Rs.1 Lakh attracts penalty.
5. The date for making various investments/payments under 80C,80D for claiming deduction for FY 2019-20 has been extended till 31.07.2020
6. The date for making investment/ construction/ purchase for claiming roll over benefit/ deduction in respect of capital gains under sections 54 to 54GB of the IT Act* has been further extended to 30.09.2020.
7. The date for commencement of operation for the SEZ units for claiming deduction under section 10AA of the IT Act has been further extended to 30.09.2020 for the units which received necessary approval by 31.03.2020.
8. Due date for filing TDS/TCS return for Q4 19-20 has been extended to 31.07.2020 (By Government 15.07.2020), and issuance of certificate to deductees has been extended to 15.08.2020
9. The date for passing of order or issuance of notice by the authorities and various compliances under various Direct Taxes & Benami Law which are required to be passed/ issued/ made by 31.12.2020 has been extended to 31.03.2021
10. Linking of Aadhaar with PAN has been extended to 31.03.2021
11. The reduced rate of interest of 9% for delayed payments of taxes, levies etc. specified in the Ordinance shall be applicable only for the payments made on or before 30.06.2020.
12. The date of furnishing of declaration, passing of order etc under the “Vivad Se Vishwas” Scheme stand extended to 31st December, 2020.
13. 31.12.2020 shall be the end date of the period during which the time limit specified in, or prescribed or notified under, the specified Act falls for the completion or compliance of such action as specified under the said sub-section; and 31.03.2021 shall be the end date to which the time limit for completion or compliance of such action shall stand extended.
Virendra tiwari (tax consultant)
Mob-9351223722, 9785818356
Mail- virendrachintu301@gmail.com
-------------------------------
CBDT has issued a notification for further extending few of the time limits of compliances under Taxation & Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 as under:
Due date for filing Income Tax Return for F.Y 2018-19 has been extended to 31st July, 2020.
Waiver of interest u/s 234A in cases where self assessment tax is upto Rs 1 lac.
Deductions under Ch-VIA like Sec 80C, 80D, 80G, etc can now be made upto 31st July, 2020.
The date for furnishing of TDS/TCS statements for the quarter ending on 31st March, 2020 has been extended to 31st July, 2020.
---------------------------------------------
*40th GST Council Meeting Updates*
1️⃣For all those who have no tax liability but have not filed GST returns for tax period July 2017 - Jan 2020 (prior to #COVID19 period), there shall be no late fee at all
2️⃣ For people who have tax liability, maximum late fee for non-filing of GSTR-3B returns for period Jul 2017 - Jan 2020 has been capped to ₹ 500
This will apply to all returns submitted during Jul 1, 2020 - Sep 30, 2020
3️⃣ For small tax payers whose aggregate turnover is up to ₹ 5 crore, the rate of interest for late furnishing of GST returns for Feb, Mar and April 2020, beyond July 6, 2020: the rate of interest is being reduced from 18% to 9%
4️⃣ Small tax payers whose aggregate turnover is up to ₹ 5 crore will be provided a waiver of late fees and interest if they file the form GSTR-3B for the supplies affected in months of May, June and July 2020, by September 2020
5️⃣ Tax payers who could not get cancelled GST registrations restored in time are being given an opportunity to apply for revocation of cancellation of registration up to September 30, 2020
In all cases where registration has been cancelled till June 12, 2020
Source: Ministry of Finance - official Twitter channel. Check press release and final notifications.
----------------------------------------------
Reduction in rate of Tax Deduction at Source (TDS) & Tax Collection at Source (TCS)
TDS Rate Chart For Assessment year 2021-22 /Financial Year 2020-21 from 14th May 2020
As we all are aware that our Honourable Finance Minister has conducted press release. In that press release she declared that The TDS rates for all non-salaried payment to residents, and tax collected at source rate will be reduced by 25 percent of the specified rates for the remaining period of FY 2020-21. This will provided liquidity to the tune of Rs 50, 000 Crore.
Regards CA Mahendar Kumar Jain
No comments:
Post a Comment