In a relief for taxpayers, the Centre, on June 24 extended the deadline for filing income tax returns (original as well as revised) for FY2018-19 to July 31, 2020. The last date for filing income tax returns for FY2019-20 has also been extended to November 30, 2020.
The move is aimed at easing the challenges being faced by taxpayers in light of the COVID-19 pandemic, the Central Board of Direct Taxes (CBDT) said in a statement.
"In order to provide relief to small and middle-class taxpayers, the date for payment of self-assessment tax in the case of a taxpayer whose self-assessment tax liability is upto Rs. 1 lakh has also been extended to 30th November, 2020," the tax department said.
However, no such relief has been granted to taxpayers with self-assessment tax liability exceeding Rs 1 lakh.
The move is aimed at easing the challenges being faced by taxpayers in light of the COVID-19 pandemic, the Central Board of Direct Taxes (CBDT) said in a statement.
"In order to provide relief to small and middle class taxpayers, the date for payment of self-assessment tax in the case of a taxpayer whose self-assessment tax liability is upto Rs. 1 lakh has also been extended to 30th November, 2020," the tax department said.
However, no such relief has been granted to taxpayers with self-assessment tax liability exceeding Rs 1 lakh.
Additionally, the CBDT noted that the reduced rate of interest of 9 percent for delayed payments of taxes and levies specified in the Ordinance, shall not be applicable for payments made after June 30, 2020.
Here are some other time limit extensions under direct tax and benami laws, as announced by the tax department.
>> The date for making various investments/ payments for claiming deductions for FY2019-20 under section 80C (LIC, PPF, NSC), 80D (Mediclaim), 80G (Donations) of the Income Tax Act has also been further extended to July 31, 2020.
>> The date for making investment/construction/ purchase for claiming roll-over deductions with respect to capital gains under sections 54 to 54GB of the IT Act, has also been further extended to September 30, 2020.
>> The furnishing of the TDS/ TCS statements and issuance of TDS/ TCS certificates being the prerequisite for enabling the taxpayers to prepare their return of income for FY 2019-20, the date for furnishing of TDS/ TCS statements and issuance of TDS/ TCS certificates pertaining to the FY2019-20 has been extended to July 31, 2020 and August 15, 2020 respectively.
>> 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 December 31, 2020 has been extended to March 31, 2021. Consequently, the date for linking of Aadhaar with PAN would also be extended to March 31, 2021.