Relaxation / Extension of due dates in The Taxation and Other Laws Act, 2020'

Relaxations / Revision of time limits as per The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020.

You can access the link for the gazette notification by clicking on the link here.

The various Acts (a.k.a Specified Acts) covered under the above Act are as follows;

1. Wealth Tax Act, 1957
2. Income tax Act, 1961
3. The Prohibition of Benami Property Transactions Act, 1988;
4. Chapter VII of the Finance (No. 2) Act, 2004 – (Securities Transaction Tax)
5. Chapter VII of the Finance Act, 2013; - (Commodities Transaction Tax)
6. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015;
7. Chapter VIII of the Finance Act, 2016; - (Equalisation Levy) or
8. The Direct Tax Vivad se Vishwas Act, 2020. – (VsV scheme)

The revision of time limits in the above specified acts have been categorized in the following parts;

1 – Blanket extension to all Specified Acts Above;

2 - Specified Dates for Income Tax Act, 1961;

3 - Specified dates for VsV scheme; and,

4 - Blanket rate of Interest on late payment under any of the specified Acts.

1 – Blanket extension to all Specified Acts

Particulars	Previous dates	New / Extended date
Action of Revenue or appellate Authorities / (Completion of proceeding / passing of any order / issuing notice / intimation / notification / sanction or approval by Revenue Authorities)	Between 20 March 2020 to 31 December 2020	31 December 2020
Action of the Assessee / Taxpayer (filing of any appeal / reply / application / furnishing report / document / return / statement / etc.

2 - Specified Dates for Income Tax Act, 1961

Particulars	Previous dates	New / Extended date
Action of Assessee Making investment / deposit / payment / acquisition / purchase / construction / etc. for claiming deduction / exemption / allowance under any other provision, subject to such conditions notified by Central Government Beginning Manufacturer / Services as per Sec 10AA, and the required letter of approval has been issued before 1 April 2020	As specified in the respective provisions of the Act (now not relevant)	31 March 2021
Furnishing of Income Tax Act for AY 2019-20 (P.Y. 2018-19)		30 September 2020
Furnishing of Income Tax Act for AY 2020-21* * Not applicable if net tax payable as per 234A exceeds one lakh rupees. Further for this purpose, any amount paid by Resident Individual within due date (before extension) shall be treated as payment of Advance tax.		30 November 2020
Delivering TDS statement as per 200(2A) – Payment made to Cent. Govt / TCS statement as per 206C(3A) for months of FEB, March 2020 or quarter ending March 2020		15 July 2020
For Delivering TDS statement as per 200(2) – by employer to employee / TCS statement as per 206C(3) for months of FEB, March 2020 or quarter ending March 2020		31 July 2020
For TDS on salary, obligation for furnishing certificate		15 August 2020
In relation with completing any compliance u/s. 54 to 54GB time-limit for the completion or compliance time-limit for making such completion or compliance	29 September 2020 30 September 2020
For claiming deduction under Chapter VI-A of the Act time-limit for the completion or compliance time-limit for making such completion or compliance	30 July 2020 31 July 2020
Furnishing of Audit report as required under any provision for AY 2020-21	31 March 2021	31 October 2020

3 - Specified dates for VsV Schemes

Particulars	New / Extended date
Time limit for  Completion / compliance of any action Making such completion or compliance	30 December 2020         31 December 2020

4 - Blanket rate of Interest on late payment under any of the specified Acts.

Particulars	Previous dates	New / Extended date
Payment of any amount towards Tax, levy, etc	20 March 202 to 29 June 2020	30 June 2020**

** If such amount is not paid within 30 June 2020 / any other date prescribed by the Central Govt, interest amount shall be 0.75% per month (including part of the month) (9% p.a.). Further no penalty shall be levied, and no prosecution shall be initiated for such delay.