The Taxation and other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020

The Taxation and other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 has been published on the 29th September, 2020 and shall be deemed to have come into force on the 31st day of March, 2020. The Act provides for following relaxations:

  • Where any payment of any amount towards tax or levy which falls due during the period from the 20th day of March, 2020 to the 29th day of June, 2020 has not been paid within such date, but has been paid on or before the 30th day of June, 2020, or such other date after the 30th day of June, 2020, then the the rate of interest payable shall not exceed three-fourth per cent. for every month or part thereof and no penalty shall be levied and no prosecution shall be sanctioned in respect of such amount for the period of delay.
  • Where, any time-limit has been specified in, or prescribed or notified under, the specified Act which falls during the period from the 20th day of March, 2020 to the 31st day of December, 2020, the time-limit for completion or compliance of such action shall, notwithstanding anything contained in the specified Act, stand extended to the 31st day of March, 2021.

These relaxations are applicable to the

  • Wealth-tax Act, 1957
  • The Income-tax Act, 1961
  • The Prohibition of Benami Property Transactions Act, 1988
  • Chapter VII of the Finance (No. 2) Act, 2004;
  • Chapter VII of the Finance Act, 2013;
  • The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015;
  • Chapter VIII of the Finance Act, 2016;
  • the Direct Tax Vivad se Vishwas Act, 2020.
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