Highlights of the RACP Bill 2020 introduced in Lok Sabha | Bill No – 116 of 2020
The Highlights of the RACP Bill 2020 which was introduced in Lok Sabha are as follows:
1) Income Tax Return filing for AY 2019-20 is not to be extended from 30th September, 2020 as it is put in exception list.
2) Income Tax Return filing for AY 2020-21 is also not to be extended from 30th November, 2020 as it is put in exception list.
3) Filing of audit reports under any provision for AY 2020-21 is not to be extended from 31st October, 2020.
4) TDS/TCS returns for February, 2020 & March, 2020 and Q 4 for March 2020 (as the case) under all sub sections are to be extended to 31st March, 2021.
5) Furnishing of certificate u/s 192 is to be extended from 15th August, 2020 to 31st March, 2021.
6) Sections 54 to 54GB:
a) The time limit for completion or compliance is to be extended from 29th September, 2020 to 31st December, 2021.
b) For making such completion or compliance is to be extended from 30th September, 2020 to 31st March, 2021.
7) Chapter – VI A under heading B:
a) The time limit for completion or compliance is to be extended from 30th July, 2020 to 31st December, 2020,
b) For making such completion or compliance the date is to be extended from 31st July, 2020 to 31st March, 2021.
8) Vivad se Vishwas Act-20:
a) Time limit to be extended to 31st December, 2020.
b) For completion or compliance is to be extended from 31st December, 2020 to 31st March, 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 01st April, 2021 from earlier extended date of 1st October, 2020; plus there are other amendments are also proposed in Income tax Act.
The RACP Bill 2020 was introduced to provide relief to the taxpayers. The entire Taxation and other Laws (Relaxation and amendment of certain provisions) Bill 2020 can be downloaded here.
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Detailed Highlights of the RACP Bill 2020:
1.The due date of return filing u/s 139 for FY 2018-19 is not extended. Hence, the due date is 30th September,2020.
2.The due date of return filing u/s 139 for FY 2019-20 is not extended keeping the due date as 30th November,2020.
3.Due date of delivering of statement of deduction of tax at source under sub-section (3) of section 200 of that Act or statement of collection of tax at source under proviso to sub-section (3) of section 206C thereof for the month of February or March, 2020, or for the quarter ending on the 31st day of March, 2020 is 31st July,2020.
4.Due date of delivering of statement of deduction of tax at source under sub-section (2A) of section 200 of that Act or statement of collection of tax at source under sub-section (3A) of section 206C thereof for the month of February or March, 2020, or for the quarter ending on the 31st day of March, 2020 is 15th July,2020.
5.The time limit for making such completion or compliance under sections 54 to 54GB of Income Tax Act is not extended. Hence, the due date is 30th September,2020.
6.Due date of issuing of Form no.16 in respect of deduction or payment of tax under section 192 for FY 2019-20 is not extended. Therefore, the due date is 15th August,2020.
8.The time limit for the completion or compliance under any provisions of Chapter VI-A is not extended. Hence, the due date is 30th July,2020.
9.The time limit for making such completion or compliance under any provisions of Chapter VI-A is not extended. So the due date is 31st July,2020.
10.The due date of furnishing of report of audit for FY 2019-20 is not extended. So the due date is 31st October,2020.
11.The extension of the date as referred to point no.2 above shall not apply to Explanation 1 to section 234A of the Income-tax Act, 1961 in cases where the amount of tax on the total income as reduced by the amount as specified in clauses (i) to (vi) of sub-section (1) of the said section exceeds Rs.1 Lakh.
12.In case of an individual resident in India referred to in sub-section (2) of section 207 i.e. The Senior Citizen who doesn’t have income from business or profession, the self assessed tax paid by him within the due date (before extension), shall be deemed to be the advance tax.
13.The time limit for the completion or compliance under any provisions of Direct Tax Vivad Se Vishwas Act is not extended. So the due date is 30th December,2020.
14.The time limit for making such completion or compliance under any provisions of Direct Tax Vivad Se Vishwas Act is not extended. So the due date is 31st December,2020.
15.Where any due date has been specified in specified Act for payment of any amount towards tax or levy, which falls during the period from the 20th day of March, 2020 to the 29th day of June, 2020 or such other date after the 29th day of June, 2020 as the Central Government may, by notification, specify in this behalf, and if such amount has not been paid within such date, but has been paid on or before the 30th day of June, 2020, or such other date after the 30th day of June, 2020 as the Central Government may, by notification, specify in this behalf, then, notwithstanding anything contained in the specified Act:
- The rate of interest payable, if any, for the period of delay shall not exceed ¾% for every month or part thereof.
- No penalty shall be levied and no prosecution shall be sanctioned in respect of payment of taxes for the period of delay.
Notes:
1.There is no relief granted for the Income-tax Act, 1961.
2.Due dates has been extended in respect other Acts, but not for Income Tax Act,1961.
3.This bill is passed in the Lok Sabha on 19th September,2020 but is it not yet passed in the Rajya Sabha. Once it is passed in the Rajya Sabha and gets President’s assent, the amendments proposed will be made effective.
4.The period of delay means the period between the due date and the date on which the amount has been paid.