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|Notification number & date||Description|
|Press release dated 30th December 2020||a. Due date for ITR filing for taxpayers, whose accounts are not subject to audit, has been extended from 31st December 20 to 10th January 2021. Due date for ITR filing for taxpayers whose accounts need to be audited extended from 31st Jan 2021 to 15th Feb 2021
b. Due date of Income Tax Audit report and Transfer Pricing Audit report extended from 31st Dec 2020 to 15th Jan 2021
c. Declaration under ‘Vivaad se Vishwas’ scheme extended from 31st Dec 2020 to 31st Jan 2021
d. The date of passing of orders under ‘Vivaad se Vishwas’ scheme is 31st January 2021.
e. The date of passing orders or issuance of notice by the authorities under the direct taxes & Benami Acts has been extended to 31st March 2021. Due date of ITR filing for individuals whose accounts need not be audited extended from 31 Dec 2020 to 10th Jan 2021
|Notification no. S.O. 2033(E) dated 24 June 2020||(a) The last date of 31 March 2020 for filing the income tax return for AY 2019-20 (FY 2018-19) has been extended to 31 July 2020. The extension applies to the filing of original return and revised returns.
(b) The last date for completion of assessments which are getting time-barred on 31 December 2020 stands extended to 31 March 2021. In the case of assessments which get time-barred on 31 March 2021, the time stands extended to 30 September 2021.
(c) The due date for furnishing TDS and TCS returns due for the Quarter 4 of FY 2019-20 stands extended to 31 July 2020, for non-government deductor. The extension also applies to TDS and TCS return due for the month of February 2020 and March 2020 in the case of sale of immovable property etc. In case of government deductors, the extended due date is 15 July 2020.
(d) The due date to issue Form 16 for FY 2019-20 stands extended to 15 August 2020.
(e) Taxpayers can make tax-saving investments for FY 2019-20 such as payment of LIC premium, deposit to NSC, PPF, SSY and so on until 31 July 2020. Similarly, medical insurance premium, donations, interest on education loan paid until 30 July 2020 will also be eligible for a tax deduction for FY 2019-20.
(f) Taxpayers can also make investments in the new house property, bonds and so on until 30 September 2020 to claim capital gains exemption. Such investment or purchase made until 30 September 2020 can be claimed as capital gains exemption for FY 2019-20.
(g) Taxpayers having a self-assessment tax liability up to Rs 1 lakh can pay the same by 30 November 2020 without incurring penal interest liability.
(h) The last date of making payment under Vivaad se Vishwas Scheme without additional amount stands extended to 31 March 2021
(i) The last date for Aadhaar PAN linking is extended to 31 March 2021.
|Notification no. G.S.R. 338(E) dated 29 May 2020||The CBDT notifies the income tax return forms for AY 2020-21. The Forms are ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7 for filing by the due date 30 November 2020.|
|Press release dated 13 May 2020||(a) The due date to file income tax returns for AY 2020-21 stands extended from 31 July to 30 November 2020. The due date for tax audit stands extended from 30 September 2020 to 31 October 2020. Similarly, the income tax returns filed upon a tax audit are now due by 30 November 2020.
(b) Reduction in TDS and TCS rates by 25% of the present rates, for payments from 14 May till 31 March 2021.
(c) All pending income-tax refunds to be released to non-corporate entities immediately.
(d) The last date for completion of assessments which are getting time-barred on 30 September 2020 stands extended to 31 December 2020. In the case of assessments which get time-barred on 31 March 2021, the time stands extended to 30 September 2021.
(e) The last date of making payment under Vivaad se Vishwas Scheme without additional amount stands extended to 31 December 2020.
|Press release dated 8 April 2020||All pending income-tax refunds up to Rs 5 lakh will be released immediately to all taxpayers, including individuals and business entities.|
|Ordinance dated 31 March 2020||The last date of 31 March 2020 for filing the income tax return for AY 2019-20 (FY 2018-19) has been extended to 30 June 2020. The extension applies to the filing of original return and revised returns.|
|Ordinance dated 31 March 2020||Taxpayers can make tax-saving investments for FY 2019-20 such as payment of LIC premium, deposit to NSC, PPF, SSY and so on until 30 June 2020. Similarly, medical insurance premium, donations, interest on education loan paid until 30 June 2020 will also be eligible for a tax deduction for FY 2019-20.|
|Ordinance dated 31 March 2020||Taxpayers can also make investments in the new house property, bonds and so on until 30 June 2020 to claim capital gains exemption. Such investment or purchase made until 30 June 2020 can be claimed as capital gains exemption for FY 2019-20.|
|Ordinance dated 31 March 2020||The date for commencement of operation for SEZ units (claiming deduction under section 10AA) has been extended to 30 June 2020, for units which have received approval by 31 March 2020.|
|Ordinance dated 31 March 2020||The time for passing income tax orders or issuing income tax notices has been extended from 31 March 2020 to 30 June 2020.|
|Ordinance dated 31 March 2020||The interest on delayed payment of taxes has been reduced to 9% p.a. for any delayed payment of TDS, TCS, advance tax, equalization levy, Commodities Transaction tax (CTT) or Securities Transaction Tax (STT), which fall due for payment from 20 March 2020 to 29 June 2020, but paid by 30 June 2020.|
|Ordinance dated 31 March 2020||The last date for Aadhaar PAN linking is extended to 30 June 2020.|
|Ordinance dated 31 March 2020||Donations made to PM CARES Fund will be eligible for 100% deduction under section 80G. The donation made from 1 April 2020 to 30 June 2020 can be claimed as a tax deduction for the FY 2019-20. In case a taxpayer wants to claim the tax deduction for FY 2020-21, the deduction is allowed both under the old regime and new optional tax regime.|
|Ordinance dated 31 March 2020||The time for declaration and payment under the Vivad se Vishwas Scheme has been extended to 30 June 2020.|
|11/2020 dated 13th of February 2020||According to the income tax provisions, every individual will have to link their aadhaar and PAN by the 31st of March 2020 otherwise their PAN will become inoperative immediately after the said date. The income tax department has notified the manner in which the PAN will become inoperative if not linked to aadhaar within the specified due date. If the PAN becomes inoperative, it will be deemed that the PAN was not furnished or intimated wherever required and all the consequences of non-furnishing of PAN will be applicable to the individual. The PAN will become operative only after the date of intimation of aadhaar number.|
|10/2020 dated 12th of February 2020||Section 115BAA was inserted by the Income Tax Act 1961 which provided for a reduced corporate tax rate of 22% from FY 2019-21 onwards for such domestic companies adhere to certain specified conditions. The income tax department has notified Form no. 10-IC which will be furnished by the specified domestic companies under section 115BAA to avail the benefit of lower taxes from FY 2019-20 and onwards.
The form will be furnished electronically and verified with the digital signature or EVC. Similarly, Section 115BAB was inserted offering a reduced tax rate of 15% to the new domestic manufacturing companies. With this notification, a new Form no. 10-ID has been introduced. The specified companies under section 115BAB will have to furnish this form to avail the lower tax rates from FY 2019-20 and onwards. The form will be electronically verified using a digital signature or an EVC. Refer the link to know the format of Form 10-IC and 10-ID.
|09/2020 dated 12th of February 2020||The courts of the Chief Judicial Magistrates of the union territory of Jammu and Kashmir are designated as Special Courts for the income tax purposes within their respective territorial jurisdictions by the Central Government.|
|08/2020 dated 29th of January 2020||CBDT has amended Rule 6DD to reduce the limit of the cash expense made on a particular day to Rs 10,000 and also inserted rule 6BBA that includes new payments method as non-cash payments for getting benefits/reliefs under various provisions of the Income Tax Act, 1961. These changes will be effective from the 1st of September 2019. Here is the list of other electronic modes specified in the rule 6BBA:Credit/debit card
BHIM Aadhaar pay
The various sections that will be affected by this change are as follows:Section 35AD
The eligible modes of payment provided in the aforementioned sections will include an account payee cheque drawn on a bank or account payee bank draft or use of electronic clearing system through a bank account or through such other electronic mode as prescribed in rule 6ABBA with effect from the 1st of September 2019.
|07/2020 dated 28th of January 2020||Institute of Pesticide Formulation Technology, Gurugram (PAN:- AAATI0389Q) has been approved by the Central Government for the purpose of section 35(1)(ii) of the income tax act from AY 2019-20 and onwards under the category of “Research Association”.|
|03/2020 dated 6th of January 2020||Finance (No. 2) Act, 2019 amended Section 92D of the Income Tax Act, 1961 to provide clarification that a constituent entity of an international group shall be required to maintain and furnish the master file even when it doesn’t enter into any international transaction during the financial year. Now, the CBDT has correspondingly made amendments in Rule 10DA and Rule 10DB of the Income-tax Rules, 1962. Some of the key changes to the rules are as follows:The information and documents to be furnished by the constituent entity of an international group as specified under Rule 10DA shall be furnished to the joint commissioner in Form 3CEAA on or before the due date of filing income tax returns. Earlier, Form 3CEAA was required to be furnished to the Director General of Income-tax (Risk assessment).
Under rule 10DB, now every parent entity or the alternate reporting entity, which is resident in India, shall, for every reporting financial year, furnish the report in Form No. 3CEAD to Joint Commissioner as may be designated by the Director General of Income-tax (Risk Assessment).
|02/2020 dated 3rd of January 2020||Indian Institute of Technology (Indian School of Mines), Dhanbad has been added to the category of “University, college or other institution” under section 35(1)(ii/iii) from AY 2019-20 and onwards.|
|01/2020 dated 3rd of January 2020||CBDT has notified the ITR forms ITR-1 and ITR-4 for the AY 2020-21. Here are some of the changes made to the ITR forms:An individual with a brought forward/carry forward loss under the head ‘Income from house property’ can no longer use ITR-1 & ITR-4 to file his income tax returns.
For rented property, the individual will have to provide the name and PAN or aadhaar of the tenant in ITR-4.
Read all the changes here.