Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020

The Central Government vide notification dated 24 June, 2020 has issued the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020. The following extensions are provided for compliances under Income Tax Act, 1961:

  • Furnishing of return under section 139 thereof, for the assessment year commencing on the – a) a) 1st day of April, 2019, the end date shall be extended to the 31st day of July, 2020 b) 1st day of April, 2020, the end date shall be extended to the 30th day of November, 2020;
  • delivering of statement of deduction of tax at source under sub-section (2A) of section 200 or statement of collection of tax at source under sub-section (3A) of section 206C thereof for the month of February or March, 2020, or for the quarter ending on the 31st day of March, 2020, as the case may be, the end date shall be extended to the 15th day of July, 2020;
  • Delivering of statement of deduction of tax at source under sub-section (3) of section 200 or statement of collection of tax at source under proviso to sub-section (3) of section 206C thereof for the month of February or March, 2020, or for the quarter ending on the 31st day of March, 2020, as the case may be, the end date shall be extended to the 31st day of July, 2020;
  • Furnishing of certificate under section 203 thereof in respect of deduction or payment of tax under section 192 of that Act for the financial year 2019-20, the end date shall be extended to the 15th day of August, 2020;
  • Section 54 or 54GB referred to in item (I) of sub-clause (i) of clause (c) of sub-section (1) of section 3 of the Ordinance or sub-clause (ii) of the said clause, the end date in respect of the time limit for the completion or compliance and the end date for making the said completion or compliance, shall be the 29th day of September, 2020 and the 30th day of September, 2020 respectively;
  • Any provisions of Chapter VI-A under the heading “B.- Deductions in respect of certain payments” thereof, referred to in item (I) of sub-clause (i) of sub-section (1) of section 3 of the Ordinance, the end date in respect of the time limit for the completion or compliance and the end date for making the said completion or compliance, shall be the 30th day of July, 2020 and the 31st day of July, 2020 respectively;
  • Furnishing of report of audit under any provision thereof for the assessment year commencing on the 1st day of April, 2020, the end date shall be extended to the 31st day of October, 2020:

RECENT UPDATES

IFSCA signs MoU with BSEC

he scope of this MoU includes promoting the development of financial products, financial services and financial institutions in their respective jurisdictions, sharing of best practices

Read More »