InvestorQ : What are the special concessions on tax filing that the government is offering on account of the lockdown following COVID-19?
Chandralekha Desai made post

What are the special concessions on tax filing that the government is offering on account of the lockdown following COVID-19?

Answer
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Mitali Bhutta answered.
5 months ago


Here are some of the key concessions offered by the Finance Minister for tax payers and assessees.

· Deadline for belated income tax returns for FY-19 extended from March 31, 2020 to June 30, 2020. However, belated returns will still attract penalty.

· Deadline for filing Revised Returns extended from March 31, 2020 to June 30, 2020, subject to intimation not being received.

· The 31 March deadline to complete all tax saving investments extended till June 30, 2020 for FY 2019-20. You can invest (including NPS) till June 30, 2020 to save tax.

· Reinvestment of capital gains in specified assets to save tax has also been extended from Mar 20 to Jun 29 for the fiscal year 2019-20.

· Penal rates of interest for overdue taxes have also been reduced from 12% to 9% and can be completed before June 30, 2020.

· Advance tax last instalment not paid by March 15, can still be paid by June 30, but penal interest at 9% will be charged.

· Deadline for linking of PAN and Aadhar has also been extended by 3 months from March 30, 2020 to June 30, 2020 as a special case.

· Deadline for the Vivad se Vishwas scheme has also been extended till June 30, 2020. However, the scheme has not received any response till date.