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2020

Further Extension of certain Income Tax Due Dates

Further Extension of certain Income Tax Due Dates

After more than 2 months of nationwide lockdown, the Center announced Unlock – 1 from June 1st granting certain relaxations especially in non-red zones. However, social distancing norms and other guidelines, protocols& precautions are being violated by many people ever since the relaxations have been granted. Though the fatality rate has improved, the situation in Delhi and Mumbai is still not under control. Giving due consideration to the outbreak of novel corona virus in various states, Government has further extended certain dates pertaining to Income Tax law.

Earlier Extension:

Earlier The Finance Minister Nirmala Sitharaman in a press conference dated 13thMay 2020 had announced that the income tax return (ITR) filing deadline for FY 2019-20 has been extended from 31stJuly 2020 and 31st October 31, 2020 to 30th November 2020 and tax audit report submission deadline from 30thSeptember 2020 to 31st October 2020.

Notification for Further Extension of Certain Due Dates:

Vide Income Tax Notification No. 35/2020 dated 24th June 2020the Government extends certain Income Tax related deadlines. In this article we will discuss about these extensions.

  • Due date for ITR for FY 2018-19 extended up to 31st July 2020.
  • Last date for investments to be eligible for deduction under Chapter VI-A i.e. 80C, 80D etc. for the FY 2019-20 [AY 2020-21] up to 31st July 2020.
  • Due date for ITR for FY 2019-20 [AY 2020-21] up to 30th November 2020.
  • Due date of furnishing audit report for FY 2019-20 up to 31st October 2020.
  • Due date of furnishing of TDS/TCS returns extended to 31st July 2020.
  • Due date for issue of TDS/TCS certificates extended to 15th August 2020
  • Due date for payment of self-assessment tax in the case of a taxpayer whose self-assessment tax liability is up to Rs. 1 lakh for FY 2019-20 is extended to 30th November 2020.
  • Due 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 up to 30th September, 2020 etc.

Refer to the below table for more details.

Compliance

Extended Due Date

ITR Due Date (original & revised) for F.Y. 2018-19

31st July 2020

Various payments for claiming deduction under Chapter VIA-B (section 80C, 80D, 80G) of the IT Act for FY 2019-20:

Time limit for the completion or compliance

30th July 2020

Date for making the said completion or compliance

31st July 2020

Date for furnishing of TDS/TCS statements for F.Y. 20-21

31st July 2020

Date of issuance of TDS/TCS certificates pertaining to the FY 2019-20

15th August, 2020

Various investment/construction/purchase for claiming benefit/deduction in respect of capital gains under sections 54 or 54GB of the IT Act:

Time limit for the completion or compliance

29th September, 2020

Date for making the said completion or compliance

30th September, 2020

Date for commencement of operation for the SEZ units received necessary approval by 31st March, 2020 for claiming deduction under section 10AA of the IT Act

30th September, 2020

Tax Audit Report for F.Y. 2019-20

31st October, 2020

ITR for F.Y. 2019-20 (Audited and Non-Audited)

30th November 2020

Payment of self-assessment tax having self-assessed tax liability up to Rs. 1 lakh

30th November 2020

Note: No extension in due date of payment of self-assessment tax having self-assessed tax liability more than Rs. 1 lakh and delayed payment would attract interest under section 234A as per IT Act.

Vivad se Viswas:

Time limit for the completion or

Compliance

30th December, 2020

Date for making payment without

additional amount

31st December, 2020

PAN Aadhaar linking

31st March, 2021

Date for passing of order or issuance of notice by the authorities and various compliances under various Direct Taxes & Benami Laws.

31st March, 2021

Below is the concerned notification:

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)

Notification No. 35/2020
New Delhi, the 24th June, 2020

TAXATION AND OTHER LAWS

S.O. 2033(E).– In exercise of the powers conferred by sub-section (1) of section 3 of the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (2 of 2020) (hereinafter referred to as the Ordinance), the Central Government hereby specifies , for the purposes of the said sub-section (1),‑

(i) the 31st day of December, 2020 shall be the end date of the period during which the time limit specified in, or prescribed or notified under, the specified Act falls for the completion or compliance of such action as specified under the said sub-section; and

(ii) the 31st day of March, 2021 shall be the end date to which the time limit for completion or compliance of such action shall stand extended:

Provided that where the specified Act is the Income-tax Act, 1961 and the compliance relates to:

(i) furnishing of return under section 139 thereof, for the assessment year commencing on the
a. 1st day of April, 2019, the end date shall be extended to the 31st day of July, 2020;
b. 1st day of April, 2020, the end date shall be extended to the 30th day of November, 2020;

(ii) delivering of statement of deduction of tax at source under sub-section (2A) of section 200 or statement of collection of tax at source under sub-section (3A) of section 206C thereof for the month of February or March, 2020, or for the quarter ending on the 315t day of March, 2020, as the case may be, the end date shall be extended to the 15th day of July, 2020;

(iii) delivering of statement of deduction of tax at source under sub-section (3) of section 200 or statement of collection of tax at source under proviso to sub-section (3) of section 206C thereof for the month of February or March, 2020, or for the quarter ending on the 31st day of March, 2020, as the case may be, the end date shall be extended to the 31st day of July, 2020;

(iv) furnishing of certificate under section 203 thereof in respect of deduction or payment of tax under section 192 of that Act for the financial year 2019-20, the end date shall be extended to the 15th day of August, 2020;

(v) section 54 or 54GB referred to in item (I) of sub-clause (i) of clause (c) of sub-section (1) of section 3 of the Ordinance or sub-clause (ii) of the said clause, the end date in respect of the time limit for the completion or compliance and the end date for making the said completion or compliance, shall be the 29th day of September, 2020 and the 30th day of September, 2020 respectively;

(vi) any provisions of Chapter VI-A under the heading “B.- Deductions in respect of certain payments” thereof, referred to in item (I) of sub-clause (i) of sub-section (1) of section 3 of the Ordinance, the end date in respect of the time limit for the completion or compliance and the end date for making the said completion or compliance, shall be the 30th day of July, 2020 and the 31st day of July, 2020 respectively; and

(vii) furnishing of report of audit under any provision thereof for the assessment year commencing on the 1st day of April, 2020, the end date shall be extended to the 31st day of October, 2020:

Provided further that the extension of the date as referred to in sub-clause (b) of clause (i) of the first proviso shall not apply to Explanation 1 to section 234A of the Income-tax Act, 1961 in cases where the amount of tax on the total income as reduced by the clauses (i) to (vi) of sub-section (1) of the said section exceeds one lakh rupees:

Provided also that where the specified Act is the Direct Tax Vivad se Vishwas Act, 2020, the 30th day of December, 2020 shall be the end date of the period during which the time limit specified in, or prescribed or notified there under falls for the completion or compliance of the action and the 31st day of December, 2020 shall be the end date to which the time limit for completion or compliance of such action shall stand extended.

2. This notification shall come into force from the 30th day of June, 2020.

[Notification No. 35/2020/ F. No. 370142/23/2020-TPL]

NEHA SAHAY, Under Secy. (Tax Policy and Legislation Division)

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