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| Sl.
No. |
Particulars | Original due date | extended due date due to Covid | Changed Interest rate till extended due date | Changed Penalty & Late Fee till extended due date | Sources | Remarks | |
| 1) | Income Tax Act | |||||||
| A) | Filing of Income Tax return for FY 18‐19 | 31/03/2020 | 30/09/2020 | no relaxation | No Penalty | Notification No. 56/2020 dt
29.07.2020 |
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| B) | Filing of Income Tax return for FY 19‐20 | 31/07/2020 or
31/10/2020 |
30/11/2020 | Nil | Nil | Notification No. 35/2020 dt
24.06.2020 |
||
| C) | payments of self‐assessment tax if self assessment Tax liability is less than 1 Lac for F.Y.2019‐20 | 31/07/2020 or
31/10/2020 |
30/11/2020 | Nil under sec 234A | Nil | Notification No. 35/2020 dt
24.06.2020 |
Interst u/s 234B and 234C shall be levied. There is no extension of date for the payment of self‐assessment tax for the taxpayers having self‐assessment tax liability exceeding Rs. 1 lakh. | |
| D) | An individual resident in India referred to in section 207 (2) of the Income‐tax
Act, 1961 (43 of 1961), the tax paid by him under section 140A of that Act within the due date (before extension) provided in that Act, shall be deemed to be the advance tax |
31/03/2020 | 31/07/2020 | Nil | Nil | Notification No. 56/2020 dt
29.07.2020 |
As per Sec 207(2) ‐ Senior Citizen (does not have any income chargeable under the head “Profits and gains of business or profession”) not required to Pay Advance Tax. | |
| E) | payments of advance tax, self‐assessment tax, regular tax for others | Between 20th March 2020 to
30th June 2020 |
No change | 9% | Nil | Ordinance dt 31st Mar 2020 | ||
| F) | Tax Audit Report for FY 2019‐ 20 | 30/09/2020 | 31/10/2020 | Nil | Nil | Notification No. 35/2020 dt
24.06.2020 |
||
| G) | Vivad Se Vishwas Scheme | 31/03/2020 | 31/12/2020 | Nil | Nil | Notification No. 35/2020 dt
24.06.2020 |
Additional 10% not to be payable | |
| H) | Filing of Form 15G/H | 07/04/2020 | 30/06/2020 | Nil | Nil | Ordinance dt 31st
Mar 2020 |
||
| I) | Filing of TDS return for Mar20 quarter ‐ Govt Offices | 31/05/2020 | 15/07/2020 | NA | Nil | Notification No. 35/2020 dt
24.06.2020 |
||
| J) | Filing of TDS return for Mar20 quarter ‐ Non Govt Offices | 31/05/2020 | 31/07/2020 | NA | Nil | Notification No. 35/2020 dt
24.06.2020 |
||
| K) | Issue of TDS / TCS certificates for Mar20 quarter | 15/06/2020 | 15/08/2020 | NA | Nil | Notification No. 35/2020 dt
24.06.2020 |
||
| L) | Payment of TDS /TCS for the month of March, April & May 2020 | Between 20th March 2020 to
30th June 2020 |
No change | 9% | Nil | Notification No. 35/2020 dt
24.06.2020 |
No extension till date for June 2020 | |
| M) | Filing of TDS return for ‐ Non Govt Offices ‐ Quarter 1 (Apr ‐Jun20) | 31/07/2020 | 31/03/2021 | no relaxation | Nil | Press relase dt 13.05.2020 | ||
| N) | Filing of TDS return for ‐ Non Govt Offices ‐ Quarter 2 (Jul ‐Sep20) | 31/10/2020 | 31/03/2021 | no relaxation | Nil | Press relase dt 13.05.2020 |
| Sl.
No. |
Particulars | Original due date | extended due date due to Covid | Changed Interest rate till extended due date | Changed Penalty & Late Fee till extended due date | Sources | Remarks | |
| O) | Reduction in rate of TDS for specified non‐salaried payments to residents and specified TCS rates by 0.25% | NA | 14/05/2020 to
31/03/2021 |
NA | NA | Press relase dt 13.05.2020 | ||
| P) | Payment of Equalisation Levy for the month of March, April & May 2020 | Between 20th March 2020 to
30th June 2020 |
No change | 9% | Nil | Ordinance dt 31st Mar 2020 | No extension till date for June 2020 | |
| Q) | Adhar PAN Linking Date | 31/03/2020 | 31/03/2021 | NA | Nil | Notification No. 35/2020 dt
24.06.2020 |
||
| R) | Notice issuance, due dates, filling of appeal, submissions, applications, any other proceedings against any income tax authority ‐ Under Various Direct Tax and Benami Law | Between 20/03/2020 to
31/12/2020 |
31/12/2020 | NA | NA | Notification No. 35/2020 dt
24.06.2020 |
||
| S) |
Making/payment for Investment under chapter VIA‐B including Sec 80C (LIC, PPF, NSC etc.), 80D(Mediclaim), 80G (Donations), etc. for F.Y.2019‐ 20 |
31/03/2020 | 31/07/2020 | NA | NA | Notification No. 35/2020 dt
24.06.2020 |
Donation to PM CARES FUND would enable the donor to get 100% deduction in section 80G(2)(a)(iiia) i.e. without any internal limit of 10% of adjusted Gross Total Income. | |
| T) | Payment/making investment in Capital Gain Scheme u/s 54 to 54GB | Between 20/03/2020 to
29/09/2020 |
30/09/2020 | NA | NA | Notification No. 35/2020 dt
24.06.2020 |
Further, there is no further extension for the payment of taxes. Thus all taxpayers need to deposit tax due by 30th June 2020 to take benefit of extension provided by earlier Ordinance and concessional rate of interest. The reduced rate of interest of 9% for delayed payments of taxes, levies etc. specified in the Ordinance shall not be applicable for the payments made after 30th June 2020. In case of non-payment of tax by 30th June 2020, all the interest and penal provisions will apply from 20th March 2020 itself.
TCS UPDATE :
- Finance Act 2020 introduced a new provision under Section 206C (1H) for the Tax Collected at Source (TCS) on Goods With effect from 1st of October 2020.
As per the new provision if any seller of any goods whose turnover in the preceding FY exceeds Rs. 10 Crore then, from 1st of October 2020, he shall be liable to collect TCS @ 0.1% of the sale value from the buyer if the buyer purchase goods for the value exceeding Rs. 50 Lacs (Limit of Rs. 50 Lac shall be seen for each buyer separately.
- TCS on foreign remittance under LRS is effective on any remittance transaction under LRS on or after 1st October, The TCS at 5% shall be applicable on remittances exceeding INR 7 lakhs in a financial year. All forex transactions under LRS made from 1st April 2020 would be considered.
Categories: Direct Tax, Knowledge Seekers