ITR Filing Deadlines Check The new dates


Income Tax Return (ITR),PAN-Aadhaar, Tax Saving, Form 16, Belated ITR Filing Deadlines Check The new dates

The Central government today extended the deadline for filing income-tax returns (ITR) for the 2018-19 fiscal year by a month till July 31, 2020. The Centre has also extended the time limit for linking Aadhaar card with PAN card till March 31, 2021. In the wake of covid-19 pandemic, the Central government earlier extended the deadline for filing income tax returns (ITR) for FY 2019-20 to November 30, 2020.

The Central Board of Direct Taxes (CBDT) through a notification also extended the time limit for making various investments and claiming deductions under the I-T Act for the 2019-20 fiscal year by a month till July 31, 2020.

<img src="itr.jpg" alt ="Income Tax Return (ITR),PAN-Aadhaar, Tax Saving, Form 16, Belated ITR Filing Deadlines"/>

Following are the latest deadlines as pet the CBDT notification:

1) The time for filing of original itr as well as revised income-tax returns for the Fiscal year 2018-19 (Assessment year 2019-20) has been extended to 31st July, 2020.

2) Due date for income tax return for the FY 2019-20 (AY 2020-21) has been extended to 30th November, 2020. Hence, the ITR which are required to be filed by 31st July, 2020 and 31st October, 2020 can now be filed up  to 30th November, 2020. Also, the date for furnishing tax audit report has also been extended to 31st October, 2020.

3) 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 up to Rupees 1 lakh has also been extended to 30th November, 2020. However, it is also clarified that there will be no extension of date for the payment of self-assessment tax for the taxpayers having self-assessment tax liability more than Rs. 1 lakh.
 In this scenario, the whole of the self-assessment tax shall be payable by the due dates mentioned in the Income-tax Act, 1961 (IT Act) and delayed payments would attract penal interest under section 234A of the Income Tax Act.

4) 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 ,KVP etc.), 80D (Medi claim), 80G (Donations) etc has also been v extended to 31st July, 2020. Hence the investments  can be made upto 31st July, 2020 for claiming the deduction under these respective sections for FY 2019-20.

5) The 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 has also been further extended to 30th September, 2020.

6) The date for commencement of operation for the SEZ units for claiming deduction under section 10AA of the Income Tax Act has also been further extended to 30th September 2020 for the units which received  approval by 31st March, 2020 this year.

7) The furnishing of the TDS/ TCS statements and issuance of TDS/ TCS certificates being the prerequisite for enabling the Indian taxpayers to prepare their return of income for FY 2019-20 . The Due date for furnishing of TDS/ TCS statements and issuance of TDS/ TCS certificates pertaining to the FY 2019-20 has been extended to 31st July 2020 and 15th August 2020 respectively.

8) The date for 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 , has also been extended to 31st March, 2021.

9) Further The date for linking of Aadhaar card  with PAN card  would  also  be extended to 31st March, 2021.

 Update PAN/Aadhaar Details

10) The reduced rate of interest of 9% for delayed payments of taxes, levies etc. Mentioned specifically in the Ordinance shall not be applicable for the payments made after 30th June, 2020.

11) The central government  cuts TDS/TCS rate earlier  for non-salary payments to residents by 25 per cent for the remaining months of the fiscal year and extended the due date for filing income tax returns (ITR) for 2019-20 till November 30, 2020.



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