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Income Tax deadline under Vivad se Vishwas scheme extended for 2 months
Payment without interest extension under the Vivad se Vishwas Scheme been granted for two months from June 30 to August 31.
Highlights
- The last date for linking the PAN-Aadhaar card has been extended to September 30.
- He said an extension of three months has been granted for a tax deduction for people investing in residential houses.
- The minister announced that the time limit for various compliances is extended by 15 days to two months or more.
New Delhi: Minister of State for Finance Anurag Thakur on Friday (June 25) announced a slew of measures for easing income tax compliance during the fight against COVID-19 and additional relief measures for taxpayers. The minister told ANI that for the Vivad se Vishwas Scheme, payment without interest extension has been granted for two months from June 30 to August 31. He also said that the last date for linking the PAN card and the Aadhaar card has been extended from June 30 to September 30.
The government had earlier extended the deadline for making payment under this direct tax dispute resolution scheme by two months till June 30. "Closing the scheme in the next two months with interest by October 31," Thakur said.
He said an extension of three months has been granted for a tax deduction for people investing in residential houses. "Another relief to the income taxpayers is time to invest in a residential house. For tax deduction extension for more than three months, the investment required to be made on or after April 1, can now be made up to September 30. So there is an extension of three months," he told ANI.
The minister announced that the time limit for various compliances is extended by 15 days to two months or more. "For filing Tax deduction at source (TDS) statements, time limit extended from June 30 to July 15. For issuing tax deduction certificates, from July 15 to July 31. For filing foreign remittance certificate, from July 15 to July 31.
For the equalization levy, the extension has been given from June 30 to July 31. Extension for uploading of forms of no TDS claims cases is from July 15 to August 31."Objection to dispute resolution panel from June 1 to August 31 and the option to withdraw cases from settlement commission from June 27 to July 31," the Minister said.
The minister also announced tax concessions to strengthen the fight against COVID-19 and said the amount paid for medical treatment to an employee by the employer or to a person by any person on account of coronavirus for 2019-20 and subsequent year won`t be taxed in hands of an employee or the beneficiary.
The minister announced measures related to tax concessions for payment towards COVID treatment and death.Thakur told ANI that ex-gratia payment by the employer to an employee`s family or by any person to any other person`s family on the death of employee or any other person on account of COVID-19 for 2019-20 or subsequent year will be tax exempted.Ex-gratia from any other person has been restricted to Rs 10 lakh.