A bill to give effect to various compliance relief measures for taxpayers, including deadlines for filing returns and linking PAN to Aadhaar, could not be introduced in the Lok Sabha as Finance Minister Nirmala Sitharaman was not present in the House .
The Taxation and Other Laws (Rest and Amendment of Certain Provisions) Bill, 2020 was to be introduced in the lower house on Thursday.
Lok Sabha Speaker Om Birla called for introduction of the Bill. However, when the Minister was not present, the House discussed legislation related to the two agricultural sectors.
The Bill seeks to replace the Taxation and Other Laws (Waiver of Certain Provisions) Ordinance, 2020, issued in March.
Giving relief to taxpayers after the outbreak of COVID-19, the government had extended the deadline for filing fiscal income tax returns for 2018-19 till 30 September through an ordinance and a biometric basis with PAN by 31 March 2021. Linked.
Also, the due date for filing income tax returns for 2019-20 has been extended to 30 November 2020.
Therefore, income returns that were required to be filed by July 31 and October 31, 2020 can be filed by November 30, 2020. Consequently, the date of submission of the tax audit report has also been extended to October 31, 2020.
Also, the time frame for making various investments to claim deduction under the IT Act, including sections 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (donation) for 2019-20, 31 Was extended till July 2020.
Among other things, the date of submission of TDS / TCS statement and issue of TDS / TCS certificate related to 2019-20 fiscal was also extended to 31 July, 2020 and 15 August, 2020 respectively.
Further, the date of passing or issuing notices by the authorities and various compliance under the Direct Taxes and Benami Transaction Laws, which are required to be passed / issued by December 31, 2020, has been extended to March 31, 2021.