Insights

The deadline for filing original as well as revised returns for the financial year 2018-19 has been extended to July 31, and the new due date for the financial year 2019-20 is Nov. 30. In order to provide further relief to the taxpayers for making various compliances, the Government has issued a Notification on 24th June, 2020, the salient features of which are as under:

 

  1. Extension in the date for Filing ITR & Benami Law

 

  • Due Date for Filing of original as well as revised Income-Tax Returns for the FY 2018-19 (AY 2019- 20) has been extended to 31st July, 2020.
  • Due date for Income Tax Return for the FY 2019-20 (AY 2020-21) has been extended to 30th November, 2020. Hence, the returns of income which are required to be filed by 31st July, 2020 and 31st October, 2020 can be filed upto 30th November, 2020
  • Due date for furnishing Tax Audit Report (i.e 3CD) has also been extended to 31st October, 2020.
  • 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.

 

  1. Provision relating to payment of Self-Assessment Tax is as follow

 

  • If Self-Assessment Tax is upto 1Lakh then due date for the payment of Self-Assessment Tax will be 30th November,2020 and interest under section 234A of the IT act will not attract.
  • In case of Assessee whose account is not require to be audited and their Self-Assessment Tax is more than 1Lakh then due date for the payment of Self-Assessment Tax will be 31st, July,2020 and if paid after that then interest under section 234A of the IT act will attract
  • In case of Assessee whose account is require to be audited and their Self-Assessment Tax is more than 1Lakh then due date for the payment of Self-Assessment Tax will be 31st, October,2020 and if paid after that then interest under section 234A of the IT act will attract

 

  1. Extension in date for Making Investments

 

  • 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 etc.), 80D (Mediclaim), 80G (Donations) etc. has also been further extended to 31st July, 2020. Hence the investment / payment can be made upto 31st July, 2020 for claiming the deduction under these sections for FY 2019-20.

 

  1. Extension in date for Claiming Deduction in respect of Capital Gains

 

  • 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.

 

  1. Extension in dates for Furnishing and Issuance of TDS and TCS certificates

 

  • Date for furnishing of TDS/ TCS statements pertaining to the FY 2019-20 has been extended to 31st July, 2020.
  • Date for issuance of TDS/ TCS certificates pertaining to the FY 2019-20 has been extended to 15th August, 2020.

 

  1. The date for linking of Aadhaar with PAN would also be extended to 31st March, 2021.

 

  1. 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. 

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JAYESH SANGHRAJKA & CO LLP