new Delhi. The authorities has legalized the announcement of a 100% discount in revenue tax on donations to the PM-Cares fund to cope with the corona virus disaster. Apart from this, the federal government has issued an ordinance to supply aid to taxpayers and businessmen throughout this disaster by way of revenue tax, GST returns, revenue tax exemption and varied investments and funds with customs and excise tax.
President Ramnath Kovind additionally authorised the "Taxation and Other Laws (Relief in various provisions) Ordinance 2020" on Tuesday. Through this ordinance, a provision of 100 per cent tax exemption has been made on the contribution made to the PM Cares Fund, in the identical method because the exemption is given on any contribution to the Prime Minister's National Relief Fund. <! –
After the issuance of this ordinance, the deadline for submitting revenue tax returns for the monetary 12 months 2018-19 has been prolonged from 31 March 2020 to 30 June and the final date for including PAN to Aadhaar has additionally been prolonged for three months to 30 June. is. Along with this, Section 80-C, 80D, 80G underneath Income Tax Law Chapter Six A-B, underneath which tax exemption on funding, cost made in insurance coverage coverage, PPF, National Savings Letter and so forth. like medical insurance coverage premiums and donations and so forth. respectively The time restrict has additionally been prolonged to 30 June 2020 for such investments.
According to the ordinance, now they are often invested until June 30 to get tax exemption in the course of the monetary 12 months 2019-20. The Central Excise returns given in March, April and May by means of the ordinance will even be crammed as much as June 30, 2020. On behalf of the Finance Ministry, it has been tweeted that the federal government has introduced this ordinance on 31 March to increase the varied timelines underneath the Taxation and Benami Act. It is noteworthy that the Finance Minister had introduced to increase the time restrict for linking PAN with Aadhaar with revenue tax, GST in view of the disaster of corona virus an infection.