Government has brought in an ordinance to give effect to various relief measures related to income tax and GST compliance in view of COVID-19 outbreak. It provides for extension of various time limits under the Taxation and Benami Acts.
The ordinance also provides for extension of last date for filing of original as well as revised income-tax returns for the financial year 2018-19 to 30th June.
The ordinance provides for the same tax relief to Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES FUND) as available to Prime Minister National Relief Fund.
Donations made to the PM CARES fund shall be eligible for 100% deduction under section 80G of the IT Act. The limit on deduction of 10% of gross income shall also not be applicable for donation made to PM CARES Fund.
The date for claiming deductions under section 80G, including donations for the fund, has been extended up to June 30. The donations made up to 30th June will also be eligible for deduction from income of Financial Year 2019-20.
The Aadhaar-PAN linking date has also been extended to 30th June. Last date of furnishing of the Central Excise returns due in March, April and May has been extended to 30th June.