High lights of the RACP Bill 2020 introduced in Lok Sabha.(Bill no- 116 of 2020)

 

Direct Taxes 

High lights of the RACP Bill 2020 introduced in Lok Sabha.(Bill no- 116 of 2020)

1) ITR filing for AY 2019-20 is to be extended from 30th Sep to 31-3-2021.

2) ITR filing for AY 2020-21 is to be extended from 30th Nov. to 31-3-2021.

3) Filing of audit reports under any provision for AY 2020-21 is to be extended from 31st Oct to

31-3-2021.

4) TDS/TCS returns for Feb & March-20 and Q 4 for March 20 (as the case)under all sub sections are to be extended to31-3-2021.

5) Furnishing of certificate u/s 192 is to be extended from 15th Aug to 31-3-2021.

6) Sections 54 to 54GB 

     a)The time limit for completion or compliance is to be extended from 29th Sep to 31-12-2021.

    b) For making such completion or compliance is to be extended from 30th Sep to 

31-3-2021.

7) Chapter - VI A under heading B -

a) The time limit for completion or compliance is to be extended from 30th July to 31-12-2020,

b) For making such completion or compliance the date is to be extended from 31st July to 31-3-2021.

8) Vivad se vishvas act-20

a) Time limit to be extended from 30th Dec 20 to 31-12-2020.

b) For completion or compliance is to be extended from 31-12-2020 to 31-3-2021.

9) No extension of payment of taxes. 

10) Interest rate for late payment of taxes 3/4% pm or part of there of.( Only if tax payable is above Rs.1 lac)

11) No penalty will be levied & No  prosecution shall be sanctioned for the delay period for payment of taxes.

Explanation- The period of delay means the period between the due date and the time of payment.

12) The new provisions for charitable trusts for reregistration etc Approval 

u/s 10(23)(C), 

Re registration u/s 12A/ 12AA and  80G is proposed to come in to force from 01-04-2021 from earlier extended date of 1-10-2020.

Plus

There are other amendments are also proposed in Income tax Act.