In a major relief to taxpayers, the Central Board of Direct Taxes (CBDT) on Wednesday further extended various deadlines for filing returns and other tax-related compliances for both companies and individuals in wake of coronavirus pandemic.
The due date for filing of income tax returns for 2019-20 has been extended from 31 July to 30 November 2020. The last date for filing 2018-19 original as well as revised returns has been extended by a month to 31 July 2020.
The date for furnishing tax audit report has also been extended to 31 October 2020.
The date for making various investment/ payment for claiming deductions under various sections of the Income Tax Act has also been extended from 30 June to 31 July 2020. Hence, investments can be made up to 31 July 2020 for claiming deductions for income in 2019-20.
Furnishing and issuance of TDS and TCS certificates are mandatory for filing of income tax returns. Given the ongoing pandemic situation, the tax department has extended the date for furnishing of TDS/TCS certificate from 15 June 2020 to 31 July 2020, and issuance of TDS/TCS certificate to 15 August 2020.
The date for passing of order or issuance of notice by the authorities and various compliances under various direct taxes and Benami Transaction Law, which are required to be passed/ issued/ made by 31 December 2020, has been extended to 31 March 2021. Consequently, the date for linking of Aadhaar with PAN has also been extended from 30 June 2020 to 31 March, 2021.
In a relief to small and middle class taxpayers, the date for payment of self-assessment tax, if tax liability is up to Rs 1 Lakh, has also been extended to 30 November. However, the department has clarified that there will be no extension of date for the payment of self-assessment tax for the taxpayers with tax liability of more than Rs 1 lakh.