Wednesday, June 24, 2020

Extension of Tax Due Dates (Announced 24-Jun-2020)

The government has announced the extension of various statutory due dates on 24-Jun-2020. A brief summary of them all is as under.

Also summarizing a few date extensions announced previously for a quick view at one place.

1. ITR for FY 2018-19 (AY 2019-20): Due date for filing of original as well as revised ITRs has been extended to 31-Jul-2020.

2. ITR for FY 2019-20 (AY 2020-21): ITRs due to be filed by 31-Jul-2020 and 31-Oct-2020 can be filed up to 30-Nov-2020. The date for furnishing tax audit report is also extended to 31-Oct-2020.

3. Payment of Self Assessment Tax: Due date for payment of self-assessment tax in the case of a taxpayer whose self-assessment tax liability is up to Rs. 1 lakh has been extended to 30-Nov-2020. However, there is no extension of date for tax-payers having higher liability, and interest will be charged for delay in payment even if the ITR is filed up to 30-Nov-2020.

4. Tax Saving Investments: The due date for making various investments for claiming deduction under section 80C (LIC, PPF, NSC, etc.), 80D (Mediclaim), 80G (Donations), etc. has also been further extended to 31-Jul-2020 for FY 2019-20.

5. Purchase/Construction for Capital Gains Relief: The due date for construction/purchase of property/bonds for claiming rollover benefit/deduction in respect of capital gains under sections 54 to 54GB of the Income Tax Act has also been further extended to 30-Sep-2020.

6. TDS Returns for FY 2019-20: The due date for furnishing of TDS/TCS returns for FY 2019-20 has been extended to 31-Jul-2020, and the date for issuance of TDS/TCS certificates has been extended to 15-Aug-2020.

7. Income Tax Scrutiny Notices/Orders: The due date for passing of an order or issuance of a notice by Income Tax authorities which were required to be made by 31-Dec-2020 has been extended to 31-March-2021.

8. Expiry Date for Lower Interest Rate: The reduced rate of interest of 9% for delayed payments of taxes announced by the government earlier this year shall not be applicable for payments made after 30-Jun-2020.

9. Vivad Se Vishwas Scheme: The due date for making payment without additional amount under the “Vivad Se Vishwas” Scheme has been extended to 31-Dec-2020. The same has been clarified.

10. Registration of Charitable Organizations: The implementation of new procedure for approval/registration/notification of certain entities u/s 10(23C), 12AA, 35 and 80G of the Income Tax Act has been deferred to 01-Oct-2020.

The Press Release can be accessed here.