5 Key Tax reliefs while COVID-19 Lockdown

| | , ,

The government has given certain tax reliefs to the taxpayers during COVID-19 Lockdown.

The COVID-19 pandemic has an adverse impact all over the globe and sent economies spinning. Indian government is doing its best to revive the economies and has provided some relaxations as regards ITR filing and GST return filing.

Here are those key tax reliefs:


#1. PAN-Aadhaar linking due-date Extended

The tax department PAN-Aadhaar linking due date has been extended to 31st March 2021. Earlier, the PAN-Aadhaar linking deadline was 30th June 2020.


#2. ITR filing due-date Extended

The Ministry of Finance has revised the ITR filing deadline for AY 2019-20 (FY 2018-19) to 31st July 2020. Apart from that, the due date for ITR filing for AY 2020-21 (FY 2019-20) has also been extended to 30th November 2020.

Income Tax Return Filing Due Date for FY 2019-20 Further Extended


#3. The time limit for making investment Extended

The government has extended the time limit for making investments or payments for claiming deduction under Chapter-VIA-B of the Income Tax Act, including:

  • Sec 80C (PPF, LIC, NSC, etc.),
  • Sec 80D (Medi-claim), and
  • Sec 80G (Donations)

Taxpayers will now be able to make investment or payment up to 31st July 2020.


#4. Extension of dates for TDS & TCS certificates

The due date to furnish TDS/ TCS statements and TDS/ TCS certificates of FY 2019-20 has been extended to 31st July 2020, and 15th August 2020, respectively.

Besides, the TDS & TCS rates have been reduced.

Government Now Reduces Rate of TDS and TCS


#5. No GST Details needed in Income Tax Audit Report

Firms need not submit the main details from the GST audit report and GAAR in their tax Audit Report until 31st March 2021.

No GST Reporting Details needed in Income Tax Audit Report

So these are the main tax reliefs given by the government during COVID-19.

If you require any other guidance with respect to the filing of income tax return filing, GST registration, GST return filing, please feel free to contact our business advisors at 8881-069-069.

Download E-Startup Mobile App and Never miss the latest updates relating to your business.


India to Boycott Chinese Smartphones and Smartphone Components

RBI clarifies Google Pay not a Payment System Operator


Leave a Comment