Govt promulgates Ordinance to give effect to I-T compliance

The government on Tuesday brought in an Ordinance to give effect to various reliefs measures, including extended deadline for filing income tax, customs and central excise returns, to help taxpayers tide over the coronavirus crisis

The "Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020" got assent of the President on Tuesday

The Ordinance also amended the provisions of the Income Tax Act to provide the same tax treatment to PM-CARES Fund as available to the Prime Minister's National Relief Fund.  "Therefore, the donation made to the PM CARES Fund shall be eligible for 100 per cent deduction under section 80G of the IT Act. Further, the limit on deduction of 10 per cent of gross income shall also not be applicable for donation made to PM CARES Fund," an official statement said.