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.