1. Deadline of 31st March extended to 30th June 2020 to accommodate the COVID-19 crisis.
    1. Given the lock down situation nationwide and consequential paralysis in the business world, in what is considered as a must to do measure, In a press note from Ministry of Finance dated 24th march, the government has extended most income tax-related compliance deadlines for individuals to June 30, 2020. The main deadlines extended include: Linking Aadhaar with PAN, making investments for tax saving for FY 2019-20, settling tax disputes under Vivad se Vishwas scheme. All these actions had to be completed by March 31 earlier.
    2. Amid curfews and lockdowns due to the Covid-19 pandemic, the government has decided to extend the deadline for settling tax disputes under the Vivad se Vishwaas scheme without paying any interest and penalty from March 31, 2020 to June 30, 2020. The extension of the deadline means that individuals can now settle tax disputes by the new deadline without paying any penalty and interest.
    3. The much talked about Act of the Direct Tax Vivad se Vishwas Act, 2020 was enacted on 17th March 2020  to provide for resolution of disputed tax and for matters connected therewith or incidental thereto with a deadline of 31st March 2020 to the tax payer to opt for one time settlement of the disputed tax with benefits of waiver of interest and penalty.
  2. Not linking the Aadhar with PAN will render the PAN as Invalid and consequence of having no PAN will follow;
    1. CBDT vide notification No. 11/2020 dated 13th February, 2020 has inserted Rule 114AAA explaining the manner of making PAN inoperative after 31st March 2020 on failure to furnish Aadhar on the PAN application and while submitting return of income.
    2. Where a person whose permanent account number has become inoperative, it shall be considered that the person is not having PAN and he shall be liable for all the consequences under the act for not furnishing of PAN, wherever it is required.
  3. Eligible company (Domestic) to exercise Option in specified form (Form No 10-C) to avail the benefits of lower tax rate (22%/15%) subject to specified conditions.
    1. As per section 115BAA of the income tax act, option has been given to the domestic company to pay tax at a rate of 22% from the financial year 2019-20 onwards if such company adhere to certain condition specified under the section.
    2. As per section 115BAB of the income tax act,  option has been given to the manufacturing company to pay tax at a rate of 15% from the financial year 2019-20 onwards if such company adhere to certain condition specified under the section.
  4. Foreign Portfolio Investors now can obtain a Registration Certificate, D-MAT , PAN and Bank in a single stroke ; Common Application Form (CAF) now notified by CBDT;
    1. CBDT vide notification F. No. Pr. DGIT(S)/ADG(S)-1/FPI/04/201920/Part dated 7th February 2020 in exercise of powers conferred as specified in the proviso to sub rule (1) to rule 114 of Income tax rules, Principal Director General of Income-tax lays down the classes of persons, forms, format and procedure for Permanent Account Number (PAN).
    2. A Common Application Form (CAF) for the purpose of registration, opening of bank and demat accounts and application for Permanent Account Number (PAN) has been notified for the Foreign Portfolio Investors (FPls) vide notification F.No. 4/15/2016-ECB, dated 27th January 2020.
    3. Application for allotment of PAN will be uploaded in CAF as specified by SEBI. After due examination and generation of FPI registration certificate, SEBI will forward data in Form 49AA to prescribed income tax authority.
  5. Where return has been filed within due date, belated filling of Form 9A and 10 can be filed with application for condonation of delay; CBDT Notifies procedure
    1. CBDT vide Circular No. 06/2020 dated 19th February, 2020 has condone the delay in filling of return of income for the A.Y 2016-17, 2017-18 and 2018-19 and Form No. 9A and Form No. 10.
    2. With the view to prevent hardship to the assessee, where the application for condonation of delay in filing Form 9A and Form 10 has been filed, and the Return of Income has been filed on or before 31st March of the respective assessment years i.e. Assessment Years 2016-17, 2017-18 and 2018-19, the Commissioners of Income-tax (Exemptions) are authorised u/s 119(2)(b) of the Act, to admit such belated applications for condonation of delay in filing Return of Income and decide on merit.