Income Tax--Taxation Laws Amendment Act

Extension of Time Limits and Due Date for Payment of Tax--Position Post Taxation Laws Amendment Act

CA. Manoj Gupta

The Covid outbreak in March, 2020 forced the Government to issue an Ordinance so as to extend time limits falling under various Acts. Now, The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 has been enacted. This Act has replaced the Ordinance. A lot of confusion spread after this Act about extension of due dates. The learned author, in this write-up, do away with this confusion and explains the correct position.

1. Specified Act

Specified Act means--

(i) the Wealth-tax Act, 1957;

(ii) the Income-tax Act, 1961;

(iii) the Prohibition of Benami Property Transactions Act, 1988;

(iv) Chapter VII of the Finance (No. 2) Act, 2004 [Securities Transaction Tax];

(v) Chapter VII of the Finance Act, 2013 [Commodities Transaction Tax];

(vi) the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015;

(vii) Chapter VIII of the Finance Act, 2016 [Equalization Levy]; or