Income tax notice dated 24th June-20202, put out by the Central government has provided major relief to taxpayers. Central government extended the deadline for filing income-tax returns (ITR) for 2018-19 by a month till July 31, 2020. The government has also extended the deadline for linking Aadhaar cards with PAN cards till March 31, 2021. In view of the coronavirus pandemic, the government earlier extended the deadline for filing income tax returns (ITR) for FY2019-20 to November 30, 2020.

Here are the Latest Updates on Extended Deadlines:

  • The deadline for filing original as well as revised income tax returns of the FY 2019-20 has been extended to 31st July 2020.
  • The government has also extended the date for payment of self-assessment tax in the case of a taxpayer whose self-assessment tax liability is within ₹ 1 lakh to 30th November 2020. The decision has been taken to provide relief to small and middle-class taxpayers.

(It has been 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 exceeding ₹ 1lakh.)

  • The return for income which was supposed to be filed by 31st July, 2020, and 31st October 2020 can be filed till 30th November 2020. Consequently, the date for the furnishing tax audit report has also been extended to 31st October 2020.
  • To claim deductions under Chapter-VIA-B, for investments made under section 80C, 80D, 80G which includes LIC, PPF, NSC, etc. can be made till 31st July, 2020.
  • The date for investing/ construction/ purchase to claim rollover benefit/ deduction in respect of capital gains under sections 54 to 54GB of the IT Act has also been further extended to 30th September. Hence, the investment/ construction/ purchase made till September 30 will be eligible to claim a deduction from your capital gains.
  • The date for furnishing of TDS/ TCS statements and issuance of TDS/ TCS certificates of the FY 2019-20 has been extended to 31st July 2020 and 15th August 2020 respectively
  • 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.