Extension – On 24th June 2020, The Ministry of Finance extended various time limits by taking into consideration the challenges faced by taxpayers in meeting statutory and regulatory compliance requirements due to COVID-19.
Highlights of Extended dates are as follows:
|1||For filing of original as well as revised income tax returns for the FY 2018-19 (AY 2019-20)||31st July 2020|
|2||Due date for income tax return for the FY 2019-20 (AY 2020-21)||30th November 2020|
|3||Date of furnishing tax audit report||31st October, 2020|
|4||Payment of self-assessment tax in the case of a taxpayer whose self-assessment tax liability is upto Rs. 1 lakh||30th November 2020|
|5||Making various investment/ payment for claiming deduction under chapter-via-B of the IT Act which includes section 80C (LIC, PPF,NSC etc.), 80D (Medi claim), 80G (Donations) etc||31st July, 2020|
|6||Making investment/ construction/ purchase for claiming roll over benefit/ deduction in respect of capital gains under sections 54 to 54GH of the IT Act||30th September, 2020|
|7||Commencement of operation for the SEZ units for claiming deduction under section 10aa of the IT act||30th September, 2020|
|8||Furnishing of TDS/ TCS statements and issuance of TDS/ TCS certificates pertaining to the FY 2019-20||31st July, 2020 and 15th August, 2020 respectively.|
|9||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||31st March, 2020|
|10||Linking of Aadhaar with PAN||31st March, 2021|
- No relaxation for the taxpayers whose self-assessment tax liability exceeding Rs. 1 lakh. In this scenario, the whole self-assessment tax shall be payable by the due dates specified in the Income Tax Act, 1961 and delayed payment would attract interest under section 234A of the IT Act.
- The reduced rate of interest of 9% for delayed payments of taxes, levies, etc. as mentioned in the Ordinance shall not be applicable for the payments made after 30th June 2020.
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