Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020

Last updated: 30 September 2020

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The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020, enacted on 29th September 2020, provides for the relaxation and amendment of various tax-related laws. It extends the time limits for completing or complying with certain actions under specified acts, including the Income-tax Act, 1961. These extensions were initially set between March 2020 and December 2020, with further possibilities for government notification, and deadlines were adjusted to various dates up to March 2021, with specific provisions for different tax filings and investments.

MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 29th September, 2020/Asvina 7, 1942 (Saka) The following Act of Parliament received the assent of the President on the 29th September, 2020 and is hereby published for general information: THE TAXATION AND OTHER LAWS (RELA

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FAQ :

The Act provides for the relaxation and amendment of provisions of certain tax laws and related matters.

The Act is deemed to have come into force on 31st March 2020, unless otherwise specified.

Specified Acts include the Wealth-tax Act, 1957; the Income-tax Act, 1961; the Prohibition of Benami Property Transactions Act, 1988; various Finance Acts from 2004, 2013, and 2016; and the Direct Tax Vivad se Vishwas Act, 2020.

Time limits have been extended for actions such as completing proceedings, issuing notices, filing appeals or returns, making investments for deductions/exemptions, and commencing manufacture or production under certain conditions.

For the assessment year starting 1st April 2019, the return filing deadline was extended to 30th September 2020. For the assessment year starting 1st April 2020, it was extended to 30th November 2020. Other deadlines for tax deduction/collection statements and investment provisions were also adjusted.

Yes, the Central Government may, by notification, specify further dates for the completion or compliance of certain actions.