Quick Summary
In the view of the COVID-19 Outbreak, the FM had announced various relief measures relating to statutory and regulatory compliance regarding Income Tax and GST on the 24th of March, 2020.To give effect to the relief measures the FM issued Ordinance 2020 on the 31st of March, 2020. Here is the official press release: Posted On: 31 MAR 2020 10:04 PM by PIB Delhi In order to give effect to the announcements made by the Union Finance MinistervidePress Release dated 24.03.2020, regarding severa
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FAQ :
The Ordinance has been issued to give effect to the relief measures announced by the Finance Minister regarding statutory and regulatory compliance in view of the COVID-19 outbreak.
The Ordinance extends the deadline for filing Income Tax returns for FY 2018-19 to 30th June 2020, the Aadhaar-PAN linking date to 30th June 2020, and the date for making various investments for deductions under Chapter VIA-B and capital gains benefits until 30th June 2020.
Yes, a reduced interest rate of 9% will be charged for non-payment of Income-tax, Equalization Levy, Securities Transaction Tax, and Commodities Transaction Tax due between 20th March 2020 and 29th June 2020, if paid by 30th June 2020. No penalty or prosecution will be initiated for these non-payments.
The last date for furnishing Central Excise returns due in March, April, and May 2020 has been extended to 30th June 2020. Deadlines for filing appeals and refund applications under Central Excise and Customs Acts, as well as Service Tax, falling between 20th March 2020 and 29th June 2020, are extended to 30th June 2020.
Donations made to the PM CARES FUND are eligible for 100% deduction under Section 80G of the Income-tax Act, without the usual 10% gross income limit. Donations made up to 30th June 2020 are eligible for deduction from income of FY 2019-20.
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