Vide Income Tax Notification No.35/2020 dated 24.06.2020 government extends various due date upto 31st July, 2020.

The salient features of which are as under:

1) The time of filing of original as well as revised income tax returns of the FY 18-19 (AY 2019-20) has been extended to 31st July, 2020.

2) The returns of income which are required to be filed by 31st July, 2020 and 31st October, 2020 can be filed upto 30th November, 2020. Consequently, the date for furnishing tax audit report has also been extended to 31st October, 2020.

3) For claiming deductions under Chapter-VIA-B, the making of various payments/investments which includes section 80C (LIC, PPF, NSC), 80D, 80G etc. can be made upto 31st July, 2020.

4) Relief to small and middle tax payers, the date of payment of self-assessment tax in the case of taxpayer whose self-assessment tax liability is upto  Rs 1lakh has also been extended  to 30th November,2020. However, it is 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 Rs 1lakh. In this case, the whole self-assessment tax shall be payable by the due dates specified in the Income –Tax Act, 1961 and delayed payment would attract interest u/s 234A.

5) The date for making investment/construction /purchase for claiming roll over benefit/deduction in respect of capital gains u/s 54 to 54GB of  the IT Act has also been extended to 30th September.

6) The date of furnishing of TDS/TCS statements for the quarter ending on 31st March, 2020 has been extended to 31st July, 2020.

7) The date for linking of Aadhar with PAN would also be extended to 31st March,2021.

8) 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.

9) The Finance Minister has already been reduced the TDS/TCS rates by 25% for the period from 14th May, 2020 to 31st March, 2021.

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