In view of the challenges faced by taxpayers due to the outbreak of Corona Virus, the Government of India has taken several taxation measures to extend tax exemptions received by the industries.
Here are the 7 tax relief measures taken by the Government for the industries affected by Coronavirus:
1) Extension of various time limits for compliances and statutory actions under the taxation laws, vide the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
2) The TDS rates for specified non-salaries payments to residents and specified TCS rates by 25 per cent of the specified rates from 14.05.2020 to 31.03.2021.
3) Interest for delay in payment of income-tax (e.g. advance tax, TDS, TCS), Equalization Levy, Securities Transaction Tax (STT), Commodities Transaction Tax (CTT) due for payment from 20.03.2020 to 29.06.2020 to be charged at reduced rate of 9% per annum (0.75% per month), if the payment is paid by 30.06.2020.
4) Issuance of corporate tax refunds of Rs. 1,27,534 crore in 2,19,050 cases between 1 April 2020 to 28 February 2021.
5) Extension of Period of Vivad se Vishwas Scheme for making payment without additional amount to 30.04.2021.
6) Extension of date of commencement of operation for the SEZ units for claiming deduction under section 10AA of the Act to 30th September 2020 for the units which have received necessary approval by 31st March, 2020.
7) The date for making investment/construction /purchase/deduction for F.Y. 2019-20 in respect of capital gains under sections 54 to 54GB of the Act was extended to 30th September, 2020.
