THE TAXATION AND OTHER LAWS (RELAXATION OF CERTAIN PROVISIONS)
ORDINANCE, 2020
·
Overview
Ministry of Law and Justice
vide Gazette id No. CG-DL-E-31032020-218979
and Ordinance No. 2 / 2020 dated 31st March, 2020 issued and has published an Ordinance
with respect to Relaxation of certain provisions of the Taxation and Other
Laws.
In exercise of the powers
conferred by Article 123 (1) of the Indian Constitution the President of India
is pleased to promulgate THE TAXATION AND OTHER LAWS (RELAXATION OF
CERTAIN PROVISIONS) ORDINANCE, 2020.
· Applicability:
It shall come into force at
once.
·
Relaxation of certain provisions of
specified Act.
Specified
Act means:
ü the
Wealth-tax Act, 1957;
ü the
Income-tax Act, 1961;
ü the
Prohibition of Benami Property Transactions Act,1988;
ü Chapter
VII of the Finance (No. 2) Act, 2004;
ü Chapter
VII of the Finance Act, 2013;
ü the
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act,
2015;
ü Chapter
VIII of the Finance Act, 2016; or
ü the
Direct Tax Vivad se Vishwas Act, 2020;
Key Highlights of this Ordinance (Relaxations)
The Government had announced several
relief measures in view of COVID-19 outbreak and the same has now been brought
into effect through THE TAXATION AND
OTHER LAWS(RELAXATION OF CERTAIN PROVISIONS) Ordinance,2020 passed on 31st March ,2020. Some Major Features of the
Ordinance are listed below-
Ø Amendment of
Sections 10 and 80 G of Income Tax Act 1961: Any donation made to the PM CARES
Fund shall be eligible for 100% deduction* under section 80G of the IT Act
without any limit on the amount of deduction.
As the date for claiming deduction u/s 80G under IT Act has been
extended up to 30.06.2020, the donation made up to 30.06.2020 shall also be
eligible for deduction from income of FY 2019-20.
Ø Extension of last
date of Aadhar PAN Linking and Filing of ITRs for the FY 2018-2019 to
30th June, 2020.
Ø Investments for
claiming *Deduction under Chapter VIA-B* majorly u/s 80C(PPF, LIC, etc.), 80D (Mediclaim),
80G (donation), etc. can be made till 30th of June,2020 for claiming
deduction for FY 2019-20. The same shall
be applicable w.r.t Capital Gain deductions u/s 54 to 54GB.
Ø Vivad se Vishwas
Scheme (Declaration &
Payment) & Date for passing of order or issuance of notice by authorities
under various Direct taxes & Benami Law has also been extended to
30.06.2020.
Ø Last date of
furnishing of the Returns under Central Excise & GST (Subject to Staggered
Mechanism) due in March, April and May 2020 has been extended to 30th
June,2020.
Ø Where the last date
for filing of appeal, refund applications* etc., under the Central Excise Act,
1944 and Customs Act,1944 and Service tax and rules made there under is from
20th March 2020 to 29th June 2020, the same *has been extended to 30th June
2020.
Ø Date for making
payment under Sabka Vishwas Legal Dispute Resolution Scheme 2019 has been
extended to 30th June 2020.
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