The Finance Minister Ms. Nirmala Sitharaman, in the press release held on 13.05.2020 announced various relaxations in respect to deadlines and due dates under Income tax return filing, Tax Audit, Vivad se Vishwas scheme and RERA,2016.
Have a look at the revised due dates below:
- Income Tax Returns Deadline For 2019-20 Extended to End-November
The dates for the financial year 2019-20, for filing the income tax returns have been pushed back from July 31, 2020 and October 31, 2020 to November 30, 2020.
- Tax Audit Deadline for 2019-20 Extended to End-October
The date for the tax audit has also been pushed back by a month from September 30, 2020 to October 31, 2020.
- Payment due date for “Vivad se Vishwas” Scheme Extended
The period of “Vivad se Vishwas” Scheme for making payment without additional amount will be extended to December 31, 2020. Applicants will not have to pay any extra interest or penalty on the extension, said the minister.
- Extension of Registration and Completion Date of Real Estate Projects under RERA
There has been an adverse impact due to COVID and projects stand the risk of defaulting on RERA timelines. Ministry of Housing and Urban Affairs will advise States/UTs and their Regulatory Authorities to the following effect:
- Treat COVID-19 as an event of ‘Force Majeure ‘under RERA which means the epidemic COVID-19 will be considered as unforeseeable circumstances that prevent someone from fulfilling a contract.
- Extend the registration and completion: The registration and completion date Suo-moto by 6 months for all registered projects expiring on or after 25th March, 2020 without individual applications. Regulatory Authorities may extend this for another period of up to 3 months, if needed.
- Issue fresh ‘Project Registration Certificates’ automatically with revised timelines
- Extend timelines for various statuary compliance under RERA concurrently.
IMPACT: These measures will de-stress real estate developers and ensure completion of projects so that home buyers are able to get delivery of their booked houses with new timelines.