COVID-19: Ordinance passed to extend the last date for filing income tax returns, linking of Aadhaar-PAN to June 30


The Government has brought in an Ordinance today which provides for the extension of time limits under the Taxation and Benami Acts. The Ordinance is called ‘Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020‘.

The Ordinance provides for the extension of time limits contained in the Rules or Notification under these Acts.

Time limits which have been extended by this Ordinance under the Direct Taxation & Benami laws are as follows:

1. Extension of last date of filing of original as well as revised income-tax returns for the FY 2018-19 (AY 2019-20) to June 30, 2020

2. Extension of Aadhaar-PAN linking date to June 30, 2020.

3. The date for making various investment/payment for claiming deduction under Chapter-VIA-B of IT Act has been extended to June 30, 2020.

4. 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 extended to June 30, 2020. Such investment/ construction/purchase made up to June 30, 2020 shall be eligible for claiming deduction from capital gains arising during FY 2019-20.

5. The date for commencement of operation for the SEZ units for claiming deduction under deduction 10AA of the IT Act stands extended to June 30, 2020 for the units which received necessary approval by March 31, 2020.

6. Reduced rate of interest of 9% shall be charged for non-payment of Income-tax, Equalization Levy, Securities Transaction Tax, Commodities Transaction Tax which are due for payment from March 20, 2020 to June 29, 2020 if they are paid by June 30, 2020. Further, no penalty/ prosecution shall be initiated for these non-payments.

7. Declaration and payment under Vivad se Vishwas Scheme can be made up to June 30, 2020 without additional payment.

SOURCE: Bar and Bench