In the current situation caused by the coronavirus, the government has brought an ordinance for relief in filing income tax, GST, custom and central excise duty returns. The Taxation and Other Laws (Exemption in certain provisions) Ordinance, 2020 has also been approved by the President. In this, provision has also been made for donations to the PM Cares Fund by June 30 will be tax-free.
The government has also exempted the limit under which the maximum exemption cannot exceed 10 percent of gross income. The government has fixed June 30, 2020, as the last date for filing income tax returns and linking Aadhaar-PAN for the financial year 2018-19. The date of Central Excise Return to be filled in March, April and May have also been June 30.
These were mentioned in the relief measures announced by Finance Minister Nirmala Sitharaman on 24 March. The government has also extended the date of issue of notice under various direct taxes and laws and the date of the dispute-to-trust scheme till June 30. GST returns are also exempted from filing.
After the ordinance was issued, the deadline for filing income tax returns for FY 2018-19 has been extended from 31 March to 30 June and the last date for linking Aadhaar with PAN has also been extended for 3 months to 30 June 2020. Sections 80C, 80D, 80G under Income Tax Law Chapter six A-B, under which insurance policy, PPF, NSC, etc. medical insurance premiums and donations, tax deduction is paid on payment, even for such investments, the deadline is 30 June 2020 Has been extended to. That is, during 2019-20, you can now invest in them till June 30 to get a rebate in income tax.
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