Wednesday, June 24, 2020

Deadline for Filing ITR for FY 2018-19 further extended



The time for filing of original as well as revised income-tax returns for the FY 2018-19 (AY 2019-20) has been extended to 31st July, 2020.

The date for making various investment/ payment for claiming deduction under Chapter-VIA-B of the IT Act which includes section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations) etc. has also been further extended to 31st July, 2020.


The date for payment of self-assessment tax in the case of a taxpayer whose self-assessment tax liability is up to Rs. 1 Lakh has also been extended to 30th November, 2020. However, it is clarified that there will be no extension of date for the payment of self-assessment tax for the taxpayers having self-assessment tax liability exceeding Rs. 1 lakh. In this case, the whole of the self-assessment tax shall be payable by the due dates specified in the Income Tax Act (IT Act) and delayed payment would attract interest under section 234A of the IT Act.

The date for making investment/ construction/ purchase for claiming roll over benefit/ deduction in respect of capital gains under sections 54 to 54GB of the IT Act has also been further extended to 30th September, 2020. Therefore, the investment/ construction/ purchase made up to 30th September, 2020 shall be eligible for claiming deduction from capital gains.

The furnishing of the TDS/ TCS statements and issuance of TDS/ TCS certificates are the prerequisite for enabling the taxpayers to prepare their return of income for FY 2019-20, the date for furnishing of TDS/ TCS statement and issuance of TDS/ TCS certificate pertaining to the FY 2019-20 has been extended only to 31st July, 2020 and 15th August, 2020 respectively. 

Due date for income tax return for the FY 2019-20 (AY 2020-21) has been extended to 30th November, 2020. Hence, the returns of income which are required to be filed by the 31st July, 2020 and 31st October, 2020 can be filed to 30th November, 2020. Consequently, the date for furnishing tax audit report has also been extended to 31st October, 2020.


The date for passing of order or issuance of notice by the authorities and various compliances under various direct taxes & Benami Law which are required to be passed/ issued/ made by 31st December, 2020 has been extended to 31st March, 2021. Consequently, the date for linking of Aadhaar with PAN would also be extended to 31st March,2021.

The date for commencement of operation for the SEZ units for claiming deduction under deduction 10AA of the IT Act has also been further extended to 30th September, 2020 for the units which received necessary approval by 31st March 2020.

The reduced rate of interest of 9% for delayed payments of taxes, levies, etc. specified in the Ordinance shall not be applicable for the payments made after 30th June, 2020.

 

Source: CBDT Notification 24.06.2020

Disclaimer:  This is meant purely for general education purpose.While the information is believed to be accurate to the best of my knowledge, I do not make any representations or warranties, express or implied, as to the accuracy or completeness of this information. Reader should conduct and rely upon their own examination and analysis and are advised to seek their own professional advice. This note is not an offer, invitation, advice or solicitation of any kind. I accept no responsibility for any errors it may contain, whether caused by negligence or otherwise or for any loss, howsoever caused or sustained, by the person who relies upon it.


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