India has enacted Ordinance 2020 delaying the deadlines for certain tax payments to bring relief to individuals and businesses dealing with the effects of the spread of COVID-19 in India.
India has enacted several relief measures in response to the economic conditions resulting from the coronavirus (COVID-19) pandemic, including extending the time to file tax returns and pay tax to 30 June 2020.1
The tax measures contained in Ordinance 2020 are intended to bring relief to individuals and businesses as they deal with the economic and financial effects of the spread of COVID-19 in India. Delaying the deadlines for certain tax payments should offer certain individual and business taxpayers opportunities to preserve their cash-flow and provide additional time to organise their tax and financial affairs and meet their compliance obligations in this difficult period.
On 31 March 2020, the President promulgated The Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020. The tax relief measures include the following:
1 The Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (31 March 2020); see also Press Information Bureau Release (24 March 2020). For more information, also see the Press Information Bureau’s Ministry of Finance 31 March 2020 press release at: https://pib.gov.in/Pressreleaseshare.aspx?PRID=1609734 .
Adapted, with permission, from Tax Flash News “The Finance Minister announces several relief measures in view of Covid-19 outbreak” (24 March 2020), and Tax Flash News “President promulgates the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020” (1 April 2020). Tax Flash News is published by the KPMG International member firm in India.
The information contained in this newsletter was submitted by the KPMG International member firm in India.
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