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The government extended the last date for filing income tax returns for the financial year 2018-19 to June 30, 2020 from March 31, 2020
The government lowered the interest rate on delayed payment of advanced taxes, tax deducted at source, tax collected at source and equalization levy, among others, to 9 percent from existing rates of either 12 percent or 18 percent, if the payments are made until June 30.
The extension and decrease in rate of interest is a relief for many ordinarily resident taxpayers who need to file revised tax returns in order to claim foreign tax credit based on their overseas tax returns.
The extension and decrease in rate of interest is a relief for many ordinarily resident taxpayers who need to file revised tax returns in order to claim foreign tax credit based on their overseas tax returns.
The extension of the scheme with zero interest would be beneficial to those businesses that have past liabilities and have significant accumulated interest liabilities.
Taxpayers who could not opt for the scheme by March 31 can now take its benefit.
The government extended due dates for compliance relating to events such as issue of notice, intimation to the tax department, filing of appeals and returns under different direct tax statutes. The deadline for compliance under the Income Tax Act, Wealth Tax Act, Equalization Levy, Benami Property Transaction Act and other statutes has been extended to June 30, 2020
Income Tax Department has allowed individuals to submit Form 15G and 15H for the current fiscal after June 30 for claiming exemption from Tax Deduction at Source on interest income.
In case if a person has submitted valid Forms 15G and 15H to the banks or other institutions for FY 2019-20, then these forms will be valid up to June 30, 2020, for FY 2020-21 also.
In a separate order, the CBDT said the assesses who have filed application for issue of certificate for lower rate / nil deduction / collection of TDS or Tax Collected at Source in 2019-20 fiscal to the I-T department will now have to intimate the Assessing Officer about the pendency of issue such a certificate via e-mail. “The Assessing Officer shall dispose of the applications by April 27, 2020.
All pending income tax refunds up to Rs 5 lakh will be issued immediately to individuals and business entities.
The last date has been extended to June 30 from March 31, 2020.
Has been extended from July 31, 2020 to November 30, 2020.
The Government of India as well as the Reserve Bank has been receiving representations from Exporters Trade bodies to extend the period of realization of export proceeds in view of the outbreak of pandemic COVID- 19. It has, therefore, been decided, in consultation with Government of India, to increase the present period of realization and repatriation to India of the amount representing the full export value of goods or software or services exported, from nine months to fifteen months from the date of export, for the exports made up to or on July 31, 2020.
The provisions in regard to period of realization and repatriation to India of the full export value of goods exported to warehouses established outside India remain unchanged.
