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|
Sl. No. |
Particulars |
Original
due date |
extended
due date due to Covid |
|
Changed Interest rate till
extended due date |
Changed Penalty & Late Fee
till extended due date |
Sources |
Remarks |
|
1 |
Income Tax Act |
|
|
|
|
|
|
|
|
a |
Filing
of Income Tax return for FY 18‐19 |
31/03/2020 |
30/09/2020 |
|
no relaxation |
No Penalty |
Notification No. 56/2020 dt 29.07.2020 |
|
|
b |
Filing of Income Tax return for FY 19‐20 |
31/07/2020 or 31/10/2020 |
30/11/2020 |
|
Nil |
Nil |
Notification No.
35/2020 dt 24.06.2020 |
|
|
c |
payments
of self‐assessment tax if self assessment Tax liability is less than 1 Lac
for F.Y.2019‐20 |
31/07/2020 or 31/10/2020 |
30/11/2020 |
|
Nil under sec 234A |
Nil |
Notification
No. 35/2020 dt 24.06.2020 |
Interst
u/s 234B and 234C shall be levied. There is no extension of date for the
payment of self‐assessment tax for the taxpayers having self‐assessment tax
liability exceeding Rs. 1 lakh. |
|
d |
An individual resident in India referred to in section 207
(2) of the Income‐tax Act,
1961 (43 of 1961), the tax paid by him under section 140A of that Act within
the due date (before extension) provided in that Act, shall be deemed to be
the advance tax |
31/03/2020 |
31/07/2020 |
|
Nil |
Nil |
Notification No. 56/2020 dt 29.07.2020 |
As
per Sec 207(2) ‐ Senior Citizen (does not have any income chargeable under
the head "Profits and gains of business or profession") not
required to Pay Advance Tax. |
|
e |
payments
of advance tax, self‐assessment tax, regular tax for others |
Between 20th March 2020 to 30th June 2020 |
No change |
|
9% |
Nil |
Ordinance
dt 31st Mar 2020 |
|
|
f |
Tax Audit Report for FY 2019‐ 20 |
30/09/2020 |
31/10/2020 |
|
Nil |
Nil |
Notification No. 35/2020 dt 24.06.2020 |
|
|
g |
Vivad Se Vishwas Scheme |
31/03/2020 |
31/12/2020 |
|
Nil |
Nil |
Notification No. 35/2020 dt 24.06.2020 |
Additional
10% not to be payable |
|
h |
Filing of Form 15G/H |
07/04/2020 |
30/06/2020 |
|
Nil |
Nil |
Ordinance dt 31st Mar
2020 |
|
|
i |
Filing of TDS return for Mar20 quarter ‐ Govt Offices |
31/05/2020 |
15/07/2020 |
|
NA |
Nil |
Notification No. 35/2020 dt 24.06.2020 |
|
|
j |
Filing of TDS return for Mar20 quarter ‐ Non Govt Offices |
31/05/2020 |
31/07/2020 |
|
NA |
Nil |
Notification No. 35/2020 dt 24.06.2020 |
|
|
k |
Issue
of TDS / TCS certificates for Mar20 quarter |
15/06/2020 |
15/08/2020 |
|
NA |
Nil |
Notification No. 35/2020 dt 24.06.2020 |
|
|
l |
Payment of TDS /TCS for the month of March, April & May 2020 |
Between 20th March 2020 to 30th June 2020 |
No change |
|
9% |
Nil |
Notification No. 35/2020 dt 24.06.2020 |
No
extension till date for June 2020 |
|
m |
Filing
of TDS return for ‐ Non Govt Offices ‐ Quarter 1 (Apr ‐ Jun20) |
31/07/2020 |
31/03/2021 |
|
no relaxation |
Nil |
Press
relase dt 13.05.2020 |
|
|
n |
Filing of TDS return for ‐ Non Govt Offices ‐ Quarter 2
(Jul ‐ Sep20) |
31/10/2020 |
31/03/2021 |
|
no relaxation |
Nil |
Press
relase dt 13.05.2020 |
|
|
Sl. No. |
Particulars |
Original due date |
extended
due date due to Covid |
|
Changed Interest rate till
extended due date |
Changed Penalty & Late Fee
till extended due date |
Sources |
Remarks |
|
o |
Reduction
in rate of TDS for specified non‐salaried payments to residents and specified
TCS rates by 0.25% |
NA |
14/05/2020 to 31/03/2021 |
|
NA |
NA |
Press
relase dt 13.05.2020 |
|
|
p |
Payment of Equalisation Levy for the month of March, April & May 2020 |
Between 20th March 2020 to 30th June 2020 |
No change |
|
9% |
Nil |
Ordinance
dt 31st Mar 2020 |
No extension till date for June 2020 |
|
q |
Adhar PAN Linking Date |
31/03/2020 |
31/03/2021 |
|
NA |
Nil |
Notification No.
35/2020 dt 24.06.2020 |
|
|
r |
Notice
issuance, due dates, filling of appeal, submissions, applications, any other
proceedings against any income tax authority ‐ Under Various Direct Tax and
Benami Law |
Between 20/03/2020 to 31/12/2020 |
31/12/2020 |
|
NA |
NA |
Notification No.
35/2020 dt 24.06.2020 |
|
|
s |
Making/payment for Investment under chapter VIA‐B
including Sec 80C (LIC, PPF, NSC etc.), 80D (Mediclaim),
80G (Donations), etc. for F.Y.2019‐ 20 |
31/03/2020 |
31/07/2020 |
|
NA |
NA |
Notification No.
35/2020 dt 24.06.2020 |
Donation
to PM CARES FUND would enable the donor to get 100% deduction in section
80G(2)(a)(iiia) i.e. without any internal limit of 10% of adjusted Gross
Total Income. |
|
t |
Payment/making
investment in Capital Gain Scheme u/s 54 to 54GB |
Between 20/03/2020 to 29/09/2020 |
30/09/2020 |
|
NA |
NA |
Notification No.
35/2020 dt 24.06.2020 |
|
Further there is no further
extension for payment of taxes. Thus all taxpayers need to deposit tax due
by 30th June,2020 to take benefit of extension provided by earlier Ordinance
and concessional rate of interest . 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. In case of non payment
of tax by 30th June 2020, all the interest and penal provisions will apply from
20th March 2020 itself.
TCS
UPDATE :
1 Finance Act 2020 introduced a new provision under Section 206C (1H) for the Tax Collected at Source (TCS) on Goods With effect
from 1st of October 2020.
As
per the new provision if any seller of any goods whose turnover in the preceding FY exceeds Rs. 10 Crore then, from 1st of
October 2020, he shall be liable to collect TCS @ 0.1% of the sale value from the buyer if the buyer purchase goods for the value exceeding Rs.
50 Lacs (Limit of Rs. 50 Lac shall be seen for each buyer separately.
2 TCS on foreign remittance under LRS is effective
on any remittance transaction under LRS on or after
1st October, 2020. The TCS at 5% shall be applicable on remittances exceeding INR 7 lakhs in a nancial year. All forex transactions
under LRS made from 1st April, 2020 would be considered.
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