Arka corporates & Tax consultancy services

25/09/2020

25/09/2020

the registration process under 12AA AND 80G which were proposed from 1.6.20 then postponed to 1.10.20 are now proposed to be from 1.4.21

25/09/2020

*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 *Q4 for March 20* (as the case) under all sub sections are to be *extended to 31-3-2021.*

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.