Due date extension under Income Tax and Benami Law
Due date extension under Income Tax and Benami Law
In order to facilitate the taxpayer in meeting the requirement of statutory and regulatory compliance during the current COVID-19 pandemic, the Ministry of Finance, vide Notification No. 35/2020 dated 24th June 2020, has further extended several due dates applicable under Income Tax and Benami Law. The Present article briefs the extensions so provided.
Various extension facilitated under Income Tax and Benami Law
Extension applicable to the filing of an income tax return and tax audit report-
| Particulars | Extended due date |
| Time for filing of the original income tax return for the Financial Year 2018-2019 (Assessment Year 2019-2020). | 31st July 2020 |
| Time for filing of revised income tax return for the Financial Year 2018-2019 (Assessment Year 2019-2020). | 31st July 2020 |
| Due date of an income tax return for the Financial Year 2019-2020 (Assessment Year 2020-2021). | 30th November 2020 |
| Due date of furnishing of the tax audit report for the Financial Year 2019-2020 (Assessment Year 2020-2021) | 31st October 2020 |
Extension applicable to the payment of self-assessment tax
The due date for payment of self-assessment tax, only in case of a taxpayer whose self-assessment tax liability is up to INR 1 Lakhs, has been extended till 30th November 2020.
Extension applicable for investing or for making payments for claiming deductions
| Particulars, | Extended due date |
| Investment/ payment for claiming deduction under Chapter VIA-B (i.e., Section 80C, Section 80D, Section 80G etc.) for Financial Year 2019-2020. | 31st July 2020 |
| The date for making investment or construction/ purchase for claiming deduction in respect of capital gain under Section 54 to Section 54GB. | 30th September 2020 |
| The date for commencement of operation for the Special Economic Zone (SEZ) units for claiming deduction under section 10AA of the Income Tax Act (applicable for units which have received approval by 31st March 2020) | 30th September 2020 |
Extension applicable to Tax Deduction at Source (TDS) or Tax Collection at Source (TCS)
- The date for furnishing TDS and TCS statements for the Financial Year 2019-2020 has been extended to 31st July 2020.
- The date for issuance TDS and TCS certificate for the 4th Quarter of the Financial Year 2019-2020 has been extended to 15th August 2020.
Miscellaneous extension
- The due date for issuance of notice or passing of order and various compliances under various Direct Taxes and Benami Law, which is required to be issued or passed or made by 31st December 2020, has been extended till 31st March 2021.
- The due date for the linking of Aadhaar with PAN has been extended till 31st March 2021.
- The due date for furnishing declaration, passing of order, etc. under the ‘Vivad Se Vishwas’ Scheme has been extended till 31st December 2020.
- Date of implementation of a new procedure for approval or registration or notification of certain entities under section 10(23C), section 12AA, section 35 and section 80G of the Income Tax Act has been postponed to 1st October 2020.
It is important to note here that the reduced rate of interest of 9% applicable for delayed payments of taxes, levies, etc. shall not be applicable towards payments made after 30th June 2020.
