• CBDT deffer GST and GAAR reporting in tax audit by one year
• Income Tax Circular No. 10/2020
• Order under section 119 of the Income-tax Act, 1961

1. Section 44AB of the Income-tax Act, 1961
   

We all wish, TDS, TCS last dates should also have been extended.
However, probably, Govt also needs money to fight the Covid19. 🦠🦠🦠

So, in that background please read the message below
🙏
For TDS/TCS Payment.
👇👇
Due Date of TCS Pymt for March :7th April 2020.
Due Date of TDS Pymt for March :30th April 2020.
Last date is not extended.

Case 1️⃣
please pay, if you can
(MLG recommends this as well, at least on your best estimates)… if short, you pay balance later, and if excess, you can claim that in FY 20-21 returns easily, with no problem at all.

Case 2️⃣
If you cannot pay due to any reason. Govt has given a Grand 50% Corona Discount.
And 👉 Interest will be charged at only @ 0.75% pm instead of 1.50% pm in normal cases, (for payments upto 30th June 2020).

😊
Adding smiles…. even at the time of Covid19.

MLG Team
Always at your service

🌹🌹🌹🚩

• 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.