Quick Summary
In view of the challenges faced by taxpayers due to the outbreak of Novel Corona Virus (COVID-19), the Government of India hastaken several taxation measures to extend tax exemptions received by the industries. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance Corp
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FAQ :
The government has extended various time limits for tax compliances, reduced TDS and TCS rates by 25%, offered a reduced interest rate of 9% for delayed income tax payments, issued corporate tax refunds, and extended the Vivad se Vishwas scheme.
Yes, the safe harbour limit has been increased from 10% to 20% for primary sales of residential units up to Rs. 2 crore between 12th November 2020 and 30th June 2021. The benefit for affordable housing projects under section 80-IBA has also been extended.
Corporates have the option to pay tax at a concessional rate of 22% if they forgo exemptions and incentives. New domestic manufacturing companies can opt for a 15% tax rate if set up after 1st October 2019 and starting manufacture by 31st March 2023, without claiming specified exemptions.
Individuals have the option to pay income tax at lower slab rates if they do not avail specified exemptions and incentives. The Finance Act, 2020 also provided an option for co-operatives to pay taxes at concessional rates without deductions or incentives.
The Dividend Distribution Tax (DDT) was abolished from 01.04.2020. Dividend income is now taxed in the hands of the recipients at their applicable rates.
Yes, basic customs duty and health cess were exempted on the import of ventilators, face masks, surgical masks, PPE, COVID-19 test kits, and their inputs until 30th September 2020.
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