21/04/2020
*GOI announced numerous reliefs in Income Tax Compliance via their press conference dated 24-March-2020. Below mentioned are the reliefs announced for remembrance:*
1. Extend last date for *income tax returns for (FY 18-19)* from 31st March, 2020 to 30th June, 2020.
2. *Aadhaar-PAN linking* date to be extended from 31st March, 2020 to 30th June, 2020.
3. *Vivad se Vishwas scheme* – no additional 10% amount, if payment made by June 30, 2020.
4. Due dates for issue of notice, intimation, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents and time limit for completion of proceedings by the authority and any compliance by the taxpayer including investment in saving instruments or investments for roll over benefit of capital gains under Income Tax Act, Wealth Tax Act, Prohibition of Benami Property Transaction Act, Black Money Act, STT law, CTT Law, Equalization Levy law, Vivad Se Vishwas law *where the time limit is expiring between 20th March 2020 to 29th June 2020 shall be extended to 30th June 2020.*
5. For delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between 20th March 2020 and 30th June 2020, *reduced interest rate* at 9% instead of 12 %/18 % per annum (i.e. 0.75% per month instead of 1/1.5 percent per month) will be charged for this period. *No late fee/penalty* shall be charged for delay relating to this period.
Many of us want to donate some amount as per our convenience to the GOI to handle this pandemic situation. Following options are available:
*1) PM CARES Fund* - you donate, provide details and be eligible to get 100% tax benefit u/s 80G
*2) Private NGO are claiming to receive, collate and funds will be donated further to PM CARES Fund* - please note that you will be benefited with 50% of the donated amount as per their registration only.
Please have a communication properly about eligible amount for tax benefit u/s 80G with the organisation where you are going to donate and collect certificate for records
Regards
Team Bsolved
