Extension of various time limits under direct tax

Extension of various time limits under direct tax

Extension of various time limits under direct tax

In order to provide relief to taxpayers goverment issued a notification on 24th june 2020:-

  • The time for filing of original as well as revised income tax returns for the FY 2018-19 has been extended to 31st July 2020.
  •  Due date for income tax return for the FY 2019-20 has been extended to 30th November 2020. Hence the returns of income which are required to be filed by 31st july  and 31st oct 2020 can be filed upto 30th November. Consequently, the date for furnishing tax audit report has also been extended to 31st october 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, 80G etc. has also been further extended to 31st July 2020. Hence the investment/payment can be made upto 31st july for claiming deduction under these sections for FY 2019-20.
  • In order to provide relief to small and middle class taxpayers,the date for payment of self assessment tax in the case of a taxpayer whose self assessment tax liability is upto 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 self assessment tax shall be payable by due dates specified in the income tax act 1961 (IT act) and delayed payment would attract interest under section 234A of the IT Act.
  • The furnishing of the TDS/TCS statements and issuance of TDS/TCS certificates being the prerequisite for enabling the taxpayers to prepare thier return of income for FY 2019-20, the date for furnishing TDS/TCS statement and issuance of TDS/TCS certifiactes pertaining to the FY 2019-20 has been extended to 31st July 2020 and 15th August 2020 respectively.
  • 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.
  • The date for passing of order or issuance of notice by the authorities and various compliaces  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 Aadhar with PAN would also be extended to 31st June 2020.
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