The centre has yet again extended the compliance deadline in relation to income tax and other procedural tasks by further some time amid Covid 19 led business disruption.
Here's the full list of the extended deadlines:
1. Tax filing timeline for FY 2018-19 extended to July 31, 2020
The timeline to file income tax return i.e. both original and revised for the FY 2018-19 can be now done until July 31, 2020.
2. Tax filing for FY 2019-20 to November 30, 2020
For filing income tax return for FY 2019-20 (assessment year- 2020-21) can be now filed until November 30, 2020 and this is for both salaried and other taxpayers who are required to file it by July 31, 2020 and those of tax audit cases who are to do by October 31, 2020. Also, filing of tax audit report is allowed until October 31, 2020
3. Self-assessment tax payment deadline extended for small taxpayers:
For small taxpayers, whose self-assessment tax liability is up to Rs. 1 lakh, the timeline is now extended until November 30, 2020. But for those with self-assessment tax liability over this threshold there is allowed no extension and they need to pay off the dues. Also, not making timely payment would result in the levy of interest under section 234A of the IT Act.
4. Investments for claiming tax deduction for Fy 2019-20 allowed till July 31, 2020:
For claiming deduction under chapter VI A of the Income tax Act which includes Section 80C, section 80D, section 80G to a further date to July 31, 2020. Previously the deadline stood at June 30, 2020. So, for FY 2019-20, investments in various tax savings instruments can be until July 31, 2020.
5. Investment in property for claiming deduction from capital gain allowed till September 30
In respect of claiming roll over benefit, deduction in lieu of capital gains under sections 54 to 54GB of the IT Act, investment , construction or purchase activity can now be done until September 30, 2020.
TCS/TDS Statement, TCS/TDS Certificate Issuance Relaxed
For filing income tax return, one needs TDS/TCS statements and also TDS or TCS certificate and for the same the new deadline in related to the financial year 2019-2020 allowed is 31st July, 2020 and 15th August, 2020 respectively.
PAN-Aadhaar Linking Deadline Allowed Till March 31, 2020
There could be a penalty imposed on you for not meeting the earlier deadline to link PAN and aadhaar by June 30, 2020. After the validity of Aadhaar has been made constitutional, aadhaar linking with PAN has been made mandatory for both ITR filing and also for applying new PAN.