• In the view of the outbreak of COVID-19 the FM had announced various relief measures regarding statutory compliance related to Income Tax and GST. The FM passed an ordinance to give effect to these measures on the 31st of March 2020.
• Previously, taxpayers had confusion if the date to make various investments
  

Good News.

Tax saving investments for FY 2019-20 under section 80C, 80D,80G etc. can be made till 30.06.2020 instead 31.03.2020.

What does this mean

• This means that tax-saving investments in Equity Linked Savings Schemes (ELSS), Provident Funds (EPF and PPF), National pension Scheme Contributions (NPS) can be made till 30th June 2020 for the FY 2019-20.

What this doesn’t mean

• This announcement does not mean that the financial year has been extended. It just means that the tax-saving actions for the FY 2019-20 which has ended on 31st March 2020 can be undertaken for an extended period as mentioned above.
• This does not mean that all your tax-saving investments post 31st March 2020 will automatically be counted for the FY 2019-20. The investor can decide as to which FY a particular investment post 31st March 2020 is to be included in FY 2019-20.

Revised and Belated Income Tax Return for FY 2018-19 can be filed filed till 30.06.2020 instead 31.03.2020 earlier.

• Good news and much relief for individuals, the government has decided to extend the deadline for belated income tax return (ITR) and revised tax return for FY 2018-19 from March 31, 2020 to June 30, 2020. The decision has come due to curfews and lock downs because of the outbreak of corona virus pandemic.

  The news was announced by Finance Minister Nirmala Sitharaman in her press conference held on March 24, 2020. Other tax-related deadlines were also extended. These include extension of PAN-Aadhaar linking deadline to June 30, 2020 from March 31, 2020, Vivad se Vishwaas scheme without paying any interest and penalty to June 30, 2020 from March 31, 2020 and completing tax-saving for FY 2019-20.

• Why the deadline extensions were needed
  Deadline for belated ITR:

TDS on professional charges

Now two rates of TDS under section 194J

• 10% for Professional services
• 2% for other than professional services like technical, Royalty and non compete fees.