Quick referance to Income Tax compliance reliefs amid COVID-19

1. Belated Income Tax return u/s 139(4) for AY 2019-20 can now be furnished up to 30.6.2020, with late of u/s 234F.

{See expression “furnishing of any return” in section 3(1)(b) of the Ordinance}

2. Revised Income Tax return u/s 139(5) for AY 2019-20 can now be furnished up to 30.6.2020.

{See word “furnishing of any return” in section 3(1)(b) of the Ordinance)

3. TDS “statement” u/s 200(3) r/w rule 31A in Form 24Q and 26Q and 27Q for the 4th Quarter of FY 2019-20, which is otherwise due on 31.5.2020, can now filed up to 30.6.2020.

{See word “furnishing of any statement” in section 3(1)(b) of the Ordinance)

4. TCS “statement” u/s 206C(3) r/w rule 31AA in Form 27EQ for the 4th Quarter of FY 2019-20, which is otherwise due on 15.5.2020, can now filed up to 30.6.2020.

{See word “furnishing of any statement” in section 3(1)(b) of the Ordinance)

Quick referance to Income Tax compliance reliefs amid COVID-19

Note:

{Please also refer to long lines of main provisions of section 3(1) of the Ordinance, according to which where, any time line has been –

• specified in, or
• prescribed under, or
• notified under

the specified Act which fall during the period from 20.3.2020 to 29.6.2020}

{The time line of returns are specified in the Act}

{The time line of the TDS / TCS statements are prescribed under the Act in Rules 31A and 31AA respectively} {For “prescribed” see : Section 2(33)}

TDS Due dates

In case the deductor is other than Government

1. The due date of payment of TDS u/s 200(1) and 200(2) of the Act {other than sum deducted u/s 194-IA, 194-IB and 194M} for the month of March, 2020 is 30th April , 2020 as prescribed in Rule 30(2)(a) of the Income Tax Rules, 1962.

2. It is reiterated that 30th April, 2020 is the last date for deduction from “salary” as well as from “other than salary”.

3. The Ordinance does not extend the above due date.

4. Instead, the 2nd proviso to section 3(1) of the Ordinance provides that “such action shall not include payment of any amount as is referred to in sub-section (2). It means that the due date of payment of TDS / TCS is not extended, as of filling of TDS / TCS statement.

5. Section 3(2) of the Ordinance provides that any tax or levy required to be paid during the period from the 20th day of March, 2020 to the 29th day of June, 2020, if paid on or before 30.6.2020, would bear interest @ 0.75% for month or part of the month for the period of such delay.

TCS Due Dates

In case the collector is other than Government

6. Similarly, due date of payment of TCS u/s 206C(3) for the month of March, 2020 is 7th April , 2020 as prescribed in Rule 37CA(2) of the Income Tax Rules, 1962.

7. However, section 3(2) of the Ordinance provides that any tax or levy required to be paid during the period from the 20th day of March, 2020 to the 29th day of June, 2020, if paid on or before 30.6.2020, would bear interest @ 0.75% for month or part of the month for the period of such delay.

This article has been authored by By CA. Rajiv Kumar Jain. He can be contacted at 9810288997.

Here is the link of video on Webinar on Interpretation of Relief Ordinance, 2020 dated 31 03 2020:

Tags: Income Tax, TDS