The Taxation Invoice, 2020, was listed to be launched within the Decrease Home on Thursday (File)
New Delhi:
A invoice to provide impact to varied compliance aid measures for taxpayers, together with extending cut-off dates for submitting returns and linking PAN with Aadhaar, couldn’t be launched within the Lok Sabha as Finance Minister Nirmala Sitharaman was not current within the Home.
The Taxation and Different Legal guidelines (Leisure and Modification of Sure Provisions) Invoice, 2020, was listed to be launched within the Decrease Home on Thursday.
Lok Sabha Speaker Om Birla referred to as for introduction of the invoice. Nevertheless, for the reason that minister was not current, the Home then took up dialogue on two farm sector associated legislations.
The invoice seeks to exchange the Taxation and different Legal guidelines (Leisure of Sure Provisions) Ordinance, 2020, issued in March.
Giving aid to taxpayers following the COVID-19 outbreak, the federal government had by the ordinance prolonged the deadline for submitting of revenue tax returns for 2018-19 fiscal until September 30 and linking biometric Aadhaar with PAN until March 31, 2021.
Additionally, the due date for submitting revenue tax return for 2019-20 has been prolonged to November 30, 2020.
Therefore, the returns of revenue which had been required to be filed by July 31 and October 31, 2020 might be filed by November 30, 2020. Consequently, the date for furnishing tax audit report has additionally been prolonged to October 31, 2020.
Additionally, the time restrict for making numerous investments for claiming deductions below the I-T Act, together with part 80C (LIC, PPF, NSC and so on), 80D (mediclaim), 80G (donations) for 2019-20 was prolonged until July 31, 2020.
Amongst different issues, the date for furnishing of TDS/ TCS assertion and issuance of TDS/ TCS certificates pertaining to the 2019-20 fiscal was additionally prolonged to July 31, 2020 and August 15, 2020 respectively.
Additional, the date for passing of order or issuance of discover by authorities and numerous compliances below direct tax and benami transaction legal guidelines, that are required to be handed/ issued by December 31, 2020, has been prolonged to March 31, 2021.
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