Extension Of Income Tax Return Filing Deadline For Fy 2018 19

The government has been taking several pro-active steps for taxpayers considering the unprecedented situations created by the pandemic. What comes as the most recent step for making compliance easier is the further extension of return filing due date. The Notification This is the third extension of return filing due date for filing tax returns of F.Y 18-19. The IT Department, announced on 29-July 2020, that due date for filing ITR for F.Y 2018-2019 is being extended. The due date is shifted from 31st July 2020 to 30th September 2020. The tweet also clarified that this extension was in consideration of the constraints created by Covid-19. Taxes paid before the extended due date would be treated as advance tax as stated by an official notification from CBDT. The notification read “In case of an individual resident in India referred to the sub-section (2) of Section 207 of the Income Tax Act, 961 (43 of 19610, the tax paid by him under section 140A of that Act within the due date (before the extension) provided in that Act, shall be deemed to the advance tax.”

Applicability of Due dates for payment of Self-Assessment Tax

The earlier notification extended due date for filling original and revised return for f.y 2018-2019 to 31st July 2020. Further, the last date for payment by the taxpayers having self-assessment tax liability up to 1lakh is 30th November 2020. The notification clarified that with liability over 1lakh, no extension for payment of self-assessment tax. So, the entire self-assessment tax would be payable by the due dates specified in the Income Tax Act,1961. Non-payment of the same would draw interest under section 234A of the IT Act. The government has also extended deadlines for multiple regulatory and statutory compliances. This has been done considering the struggles created by the pandemic and the challenges faced by taxpayers owing to that.

Allowance of deductions as per IT Act, 1961

The dates for making payments and investments to get deductions under Chapter VI-A-B of IT Act has also been extended. Deductions for F.Y 19-20 under sec 80C, 80D and 80G can be claimed when payments are made within 31st-July-2020. Moreover, the dates for expenses/purchases/construction to claim rollover benefits u/s 54 to 54GB is extended to 30th-September-2020. Also, the SEZ units that received necessary approvals by 31st-March-2020, the date for commencement of operations has been extended, For them claiming deductions u/s 10AA of the IT Act is 30th September 2020. Multiple extension of return filing due dates have been provided by the government over the year. It is intended to provide the taxpayer adequate time and situational benefits to ensure compliance with the rules and provision.

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Frequently Asked Questions

Common questions about Tax Return Filing Deadline Extension for FY 2018.

The due date for filing income tax returns for the financial year 2018-19 has been further extended from July 31, 2020, to September 30, 2020. This is the third extension granted by the government due to the constraints created by the COVID-19 pandemic.

Yes, according to the notification from the Central Board of Direct Taxes (CBDT), if an individual resident taxpayer pays taxes under section 140A of the Income Tax Act before the extended due date, it will be considered as advance tax.

For taxpayers with a self-assessment tax liability of up to Rs. 1 lakh, the due date for payment has been extended to November 30, 2020. However, for those with a liability exceeding Rs. 1 lakh, there is no extension, and the entire self-assessment tax must be paid by the original due dates specified in the Income Tax Act, 1961.

Yes, the dates for making payments and investments to claim deductions under sections 80C, 80D, and 80G for the financial year 2019-20 have been extended to July 31, 2020.

Yes, the dates for expenses, purchases, or construction to claim rollover benefits under sections 54 to 54GB have been extended to September 30, 2020.

Yes, for SEZ units that received necessary approvals by March 31, 2020, the date for commencement of operations to claim deductions under section 10AA of the Income Tax Act has been extended to September 30, 2020.

The government has extended the due dates for filing income tax returns and other regulatory and statutory compliances to provide taxpayers with adequate time and situational benefits to ensure compliance with the rules and provisions, considering the challenges and struggles faced due to the COVID-19 pandemic.

Yes, non-payment of self-assessment tax by the due dates specified in the Income Tax Act, 1961, will attract interest under section 234A of the Act.

No, according to the notification, the extended deadline for claiming rollover benefits under sections 54 to 54GB is September 30, 2020. Expenses, purchases, or construction incurred after this date may not be eligible for deductions.

The extended due date of September 30, 2020, for filing income tax returns for the financial year 2018-19 is applicable to all individual resident taxpayers in India, as per the notification from the Income Tax Department.