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Extension of various dates under Income Tax Act and Benami Laws

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The Ministry of Finance has released the press release in which the various dates falling under the Income Tax Act and Benami Laws have been extended in order to provide the relief to the taxpayers amidst the global pandemic of COVID-19. The Various extended dates and compliances are as follows:-

  1. Due date for filing the original as well as revised Income tax returns for FY 2018-19 (AY 2019-20) has been extended to 31st July 2020.
  2. For the FY 2019-20, the due date of filing the Income tax return has been extended to 30th November 2020 and the due date of Tax Audit report has been extended to 31st October 2020.
  3. The due date for the payment of the self assessment tax for the FY 2019-20 has also been extended to 30th November 2020 i.e. there will be no payment of interest u/s. 234A if the self assessment tax is Rs. 1 Lakhs, However it has been specified in the press release that there will be no extension for the taxpayers having self assessment tax upto Rs. 1 Lakh, And also there shall be interest as per the Income tax act after the extended date of 30th November 2020.
  4. The date for making the investments under chapter VIA i.e.section 80C( LIC, PPF, NSC) and section 80D (Mediclaim) and section 80G (Donation) have also been further extended to 31st July 2020.
  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. Therefore, the investment/ construction/ purchase made up to 30th September, 2020 shall be eligible for claiming deduction from capital gains.
  6. The date for commencement of operation for the SEZ units for claiming deduction under section 10AA of the IT Act has also been further extended to 30th September, 2020 for the units which received necessary approval by 31st March, 2020.
  7. The due date for the filing of TDS / TCS returns and issuance of TDS /TCS certificates have 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 been extended to 31st March, 2021. Consequently, the date for linking of Aadhaar with PAN would also be extended to 31st March, 2021.
  9.  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.

To download the Press release, click here PIB1634070

 

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