The Government of India has provided extension in time limits related to taxation and statutory compliances through an ordinance.
The relaxation will give time for individual taxpayers and companies to make investments/ payments and to claim deductions. The last date for which was 31st March 2020 in a normal scenario.
Under the revised timeline one can invest in various tax saving options up to 30 June 2020 and claim tax benefits.
The relief measures include:
Chapter VIA-B of the Income Tax Act helps in claiming the various deductions.
If you have missed investments in ELSS for tax savings due to lockdown then you can make the same till 30th June 2020.
All your investments or payments under section 80C (like PPF, NSC, ELSS and NPS), 80G (donations) and 80D (Mediclaim) will be considered for deductions.
The government has given time till 30th June to invest/construct/purchase new house property to claim rollover benefit in respect of capital gains u/s 54 to 54GB.
30th March was the last date to file/revised IT returns for FY 2018-19.
If you have missed filling the same due to any reason then you should do it now. The last date of filing the original as well as revised IT returns for FY 2018-19 has been extended till 30th June 2020.
For Individual Taxpayers:
- Aadhaar- PAN linking extended till 30, June 2020
- 100% donation to the newly formed PM CARES Fund can be claimed as deduction u/s 80G.
- For claiming deduction u/s 10AA, the SEZ units now have time till 30th June for the commencement of operations.
- Advance Tax, TDS, TCS, STT & CTT which were due for payment from 20.03.2020 to 29.06.2020 will attract a reduced 9% rate of interest.
- Central Excise returns due in March, April and May 2020 can be filled till 30th June 2020.
- Filing of appeal, refund applications under Central Excise Act, Customs Act and Service Tax for the period from 20th March to 29th June has been extended to 30th June 2020.