Finance Ministry issues Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020
To give effect to several relief measures relating to statutory and regulatory compliance matters across sectors in view of COVID-19 outbreak, the Govt. has brought an Ordinance dt. 31.03.2020 which provides for
various time limits
Taxation and Benami Acts
. It also provides for extension of time limits contained in the Rules or Notification which are prescribed/ issued under these Acts.
Some of the important features and time limits which get extended by this Ordinance are:
Extension of last date of filing of original as well as revised income-tax returns for the FY 2018-19 (AY 2019-20) to 30th June, 2020.
-PAN linking date to 30th June, 2020.
It has been provided that reduced rate of interest of 9% shall be charged for non-payment of Income-tax (e.g. advance tax, TDS, TCS) Equalization Levy, Securities Transaction Tax (STT), Commodities Transaction Tax (CTT) which are due for payment from 20.03.2020 to 29.06.2020 if they are paid by 30.06.2020. Further, no penalty/ prosecution shall be initiated for these non-payments.
Last date of furnishing of the Central Excise returns due in March, April and May 2020 has been extended to 30th June,2020.
Wherever the last date for filing of appeal, refund applications etc., under the Central Excise Act, 1944 and rules made thereunder is from 20th March 2020 to 29th June 2020, the same has been extended to30th June 2020.
Wherever the last date for filing of appeal, refund applications etc., under the Customs Act, 1962 and rules made thereunder is from 20th March 2020 to 29th June 2020, the same has been extended to 30th June 2020.