The government issued an ordinance on Tuesday to give effect to various relief measures, including an extension to the deadline for filing income tax, customs and central excise duties, to help taxpayers weather the coronavirus crisis.
The ordinance “Taxation and other laws (relaxation of certain provisions), 2020” obtained the assent of the president Tuesday.
The ordinance also amended the provisions of the income tax law in order to grant the PM-CARES Fund the same tax treatment as that available to the Prime Minister’s National Relief Fund.
“Therefore, the donation made to the PM CARES Fund is eligible for a 100% deduction under section 80G of the Information Technology Act. In addition, the deduction limit of 10% of gross income also does not apply to donations made to PM. CARES Fund, “said a statement.
With the promulgation of the order, the last date for filing income tax returns for 2018-2019 as well as that for linking the PAN to the biometric ID Aadhaar has been extended by three months to June 30.
The date for making various investments / payments to claim a deduction under Chapter-VIA-B of the IT Act, which includes section 80C (LIC, PPF, NSC, etc.), 80D (Mediclaim), 80G (Donations), etc. has been extended to June 30, 2020. Therefore, the investment / payment can be made until June 30, 2020 to claim the deduction under these sections for the 2019-2020 fiscal year.
In addition, the last filing date for central excise declarations expected in March, April and May 2020 has been extended to June 30, 2020.
“The government promulgated an ordinance on March 31 which provides for the extension of various time periods under the taxation and Benami laws. It also provides for the extension of time periods contained in the rules or the notification that is prescribed / issued under these laws, “said an official statement.