Page 457 - ES 2020-21_Volume-1-2 [28-01-21]

84 Economic Survey 2020-21 Volume 2

compliances under various direct taxes and Benami Law which are required to be
passed/issued/made by 31st December, 2020 has been extended to 31st March, 2021.
(l) The date for linking of Aadhaar with PAN has also been extended to 31st March, 2021;
(m) Compliance or Compliance dates under the Vivad se Vishwas Act, 2020 which are
required to be completed by 30th January, 2020 have been extended to 31st January,
2021. Thus, the date of passing order under sub-section (1) of section 5 of the Vivad se
Vishwas Act, 2020 has been extended to 31st January, 2021
(n) In case of an individual resident in India referred to in sub-section (2) of section 207 of
the Act, the taxes paid by him under section 140A of the Act within the due date (before
extension) shall be deemed to be advance tax.

(o) Implementation of new procedure for approval/ registration/ notification of certain
entities u/s 10(23C), 12AA, 35 and 80G of the Act has been deferred from 01.06.2020
to 01.04.2021.

(p) The TDS rates for specified non-salary payments to residents and specified TCS rates
to be reduced by 25 per cent of the specified rates from 14.05.2020 to 31.03.2021. This
measure will provide liquidity to the tune of ` 50,000 crore.

(ii) Through Circular No. 10 of 2020 dated 24.04.2020, applicability of clause 30C and clause
44 in respect to reporting of GAAR compliance and GST in Form 3CD of the Income-tax
Rules, 1962 has been extended till 31.03.2021.

(iii) Vide Circular No 11 of 2020 dated 08.05.2020 it has been clarified that for determination
of residency of an individual on a visit to India (whose stay in India has been prolonged
due to the lockdown due to COVID-19) u/s 6 of the Act during FY 2019-20, the period so
prolonged shall not be taken into account. Further, a press release has also been issued stating
that the circular for exclusion of period for determination of residency for FY 2020-21 shall
be issued in due course depending upon normalisation/ resumption of international flights.

(iv) Liberal and simplified procedure for disposal of pending application for lower/nil TDS/
TCS filed for FY2019-20.
(v) Tax exemption has been announced for the specified expenditure incurred in lieu of travel
for the LTC.

(vi) Threshold for the deeming of stamp duty value for transfer of specified residential units by
the real-estate developer has been increased from 10% to 20%.

Annex 2: CBIC’s response to COVID-19 pandemic during 2020-21

The measures taken by CBIC in response to COVID-19 during 2020-21 are as follows:

A. CUSTOMS

i. 24*7 Customs clearance facility has been implemented at all custom formations to
avoid any supply chain disruption
ii. Novel Coronavirus Help Desk for EXIM Trade- A dedicated single window COVID-19
helpdesk for EXIM trade has been created on CBIC website to facilitate quick resolution
of issue(s) faced by importer/exporter.