{"id":208,"date":"2020-07-06T12:53:20","date_gmt":"2020-07-06T12:53:20","guid":{"rendered":"http:\/\/www.rnm.in\/blog\/?p=208"},"modified":"2025-01-30T10:55:45","modified_gmt":"2025-01-30T10:55:45","slug":"time-heals-everything-new-corona-due-dates-again","status":"publish","type":"post","link":"https:\/\/www.rnm.in\/blog\/time-heals-everything-new-corona-due-dates-again\/","title":{"rendered":"Time heals everything: New Corona due dates again"},"content":{"rendered":"\n<p>The government vide notification dated June 24 2020 has extended the time limits of various tax-compliances. This is aimed to provide further relief to the individuals due to ongoing corona virus pandemic.<\/p>\n\n\n\n<p>The\nbenefits\/extensions include:- <\/p>\n\n\n\n<p><strong>For FY 18-19,<\/strong> ITR can be filed up to 31.7.20.<\/p>\n\n\n\n<p><strong>For FY 19-20<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>ITR can be filed up to 30.11.20; <\/li>\n\n\n\n<li>Tax audit report can be filed up to 31.10.20; <\/li>\n\n\n\n<li>Self assessment tax up to INR 1 lakh can be paid up to 30.11.20; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/li>\n\n\n\n<li>Investments (eligible for deduction u\/s 80C &amp; 80D) can be made up to 31.7.20;<\/li>\n\n\n\n<li>Investment for claiming roll over benefit \/ deduction u\/s 54 to 54GB (capital gains) can be made up to 30.09.20 ; <\/li>\n\n\n\n<li>TDS certificate (pertaining to TDS deducted on salary payments) can be furnished up to 15.8.20; <\/li>\n\n\n\n<li>TDS\/TCS statements for Feb 20 or Mar 20 or quarter ending Mar 20 can be delivered up to 15.07.20 (government) and up to 31.7.20 (others);<\/li>\n<\/ul>\n\n\n\n<p><strong>Important Statutory developments<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>CBDT notifies \u2018301\u2019 as Cost Inflation Index for FY 2020-21.<\/li>\n\n\n\n<li>CBDT has amended Rule 2BB to enable assessee opting for alternative tax regime u\/s 115BAC to claim exemption for tour, travel and conveyance expenses incurred in performance of duties. <\/li>\n\n\n\n<li>CBDT has further extended the various due dates, which were earlier extended up to June 30, 2020, to provide relief to the taxpayers under the current covid pandemic.<\/li>\n\n\n\n<li>CBDT has amended Rule 11UAD to provide that section 50CA shall not apply to transfer of any movable property, being unquoted shares, of a company and its subsidiary and the subsidiary of such subsidiary by an assessee wherein NCLT has approved oppression and mismanagement resolution plan.<\/li>\n\n\n\n<li>Any movable property, being equity shares, of the reconstructed bank, received by the investor\/investor bank under the Yes Bank Limited Reconstruction Scheme, 2020 shall not be taxable under section 56(2)(x).<\/li>\n\n\n\n<li>CBDT has relaxed eligibility conditions for investment fund set up by a cat\u2013I FPI registered with SEBI Category u\/s 9A (exemption from business connection in India). <\/li>\n<\/ul>\n\n\n\n<p><strong>Important Judicial Precedents<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Bombay High Court in the case of <em>Essar Shipping Limited v ITO<\/em> held that waiver\nof loan cannot be brought to tax as subsidy u\/s 28(iv). <\/li>\n\n\n\n<li>The Kol-ITAT in the case of DCIT v.&nbsp; EMC Ltd. held that retention money\u2019 being\ncontingent upon satisfactory completion of contract work is taxable in actual\nyear of receipt.<\/li>\n\n\n\n<li>The Kol-ITAT in the case of <em>Bhagwant Merchants Private limited vs ITO<\/em>\nheld that legally no case can be reopened u\/s 147 if AO has not applied his\nmind on information available for recording reasons. Further, it stated that on\nmerits, no addition u\/s 68 as cash credit can be made to an income declared as\nsales as it would result in double taxation. <\/li>\n\n\n\n<li>The Del-ITAT in the case of <em>Exotica Housing &amp; Infrastructure Co Pvt\nLtd v ITO<\/em> held that all payments received from the sister company cannot be\ntreated as deemed dividend u\/s 2(22)(e) but only payments which bear the characteristics\nof loans and advances. It further stated that advances given for purely\ntemporary financial accommodation do not attract deeming fiction u\/s 2(22)(e). <\/li>\n\n\n\n<li>The Madras High Court in the case of <em>S. Gurushankae vs CIT<\/em> held that tax\nholiday u\/s 80IB cannot be granted for bogus transactions. <\/li>\n\n\n\n<li>The ITAT-Bang in the case of <em>S.K. Bhaskar Raju v. ACIT<\/em> held that the\nassessee would be allowed land development and maintenance charges as revenue\nexpenses as land belonged to a third person and the assessee incurred expenses\nin order to sell the land. <\/li>\n<\/ul>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government vide notification dated June 24 2020 has extended the time limits of various tax-compliances. This is aimed to provide further relief to the individuals due to ongoing corona virus pandemic. The benefits\/extensions include:- For FY 18-19, ITR can be filed up to 31.7.20. For FY 19-20 Important Statutory developments Important Judicial Precedents<\/p>\n","protected":false},"author":3,"featured_media":219,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[16,14],"tags":[10,79,73,11],"class_list":["post-208","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-direct-tax","category-general","tag-cbdt","tag-fy-19-20","tag-income-tax","tag-tds"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New Corona Due Dates: Time Heals Everything - Rnm<\/title>\n<meta name=\"description\" content=\"The COVID-19 pandemic has had a significant impact on businesses and individuals. 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