Extension of Due Dates Under Income Tax Act due to Lockdown

EXTENSION OF DUE DATES UNDER INCOME TAX ACT- RELIEF MEASURE UNDER THE LOCKDOWN

I. The Ministry of Finance, had announced few relief measures under the Income Tax Act, to the assesse under the pandemic COVID-19 by extending certain due dates in the The Taxation And Other Laws (Relaxation of certain Provisions) Ordinance, 2020 which was Promulgated by the President of India on 31.03.2020. Accordingly, the Ordinance had extended various due dates of compliances falling between 20.03.2020 to 29.06.2020 to 30.06.2020. In exercise of the power granted under the said Ordinance, The Ministry of Finance, in furtherance of the relief measure, has again extended various due dates of compliances under the Act vide CBDT Notification No. 35/2020 dated 24.06.2020.

II. As per the said Notification, various due dates of compliances falling between 20.03.2020 to 31.12.2020 has been extended to 31.03.2021 except in following cases the due dates have been specified :

2.1 Assessment Year 2019-20- Filing of Tax Returns

Filing of Original Tax Return U/sec 139(1), belated Tax Return U/sec 139(4) and Revised Tax Return U/sec 139(5) is extended till 31.07.2020.

2.2. Assessment Year 2020-21 Filing of Tax Returns

Filing of Tax Returns for all assesses is extended till 30.11.2020.

2.3. Interest under section 234A

It is provided that interest is chargeable U/sec 234A in the case of self-assessment tax liability of a taxpayer exceeds Rs.1 lakh. The interest will be charged from due dates of 31-07-2020 (non-audit) or 31-10-2020 till the date of filing of tax return. So, no interest will be charged U/sect 234A if the self-assessment tax liability of a taxpayer does not exceed Rs.1 lakh and ITR is filed within the extended due date of 30.11.2020.

2.4. E-filing of Audit Report under the Income Tax Act, i.e. U/sec 44AB, U/sec 80IA/80IB/80IC, Transfer Pricing Report in Form 3CEB etc and Audit Report for Trusts in Form No. 10B has been extended to 31.10.2020.

2.5. Date of filing of statement of TDS by PSUs, Central Government, State Government and other Government Authorities U/sec 200(2A) (i.e. Form 24Q,26Q,27Q,etc) or statement of TCS U/sec 206C(3A) for the month of February or March, 2020, or for the quarter ending on the 303.2020, has been extended to the 15.07.2020.

2.6. Date of filing of statement of TDS by any person other than Government Authorities, U/sec 200(3) (i.e. Form 24Q, 26Q, 27Q etc) or statement of TCS U/sec 206C(3) 206C for the month of February or March, 2020, or for the quarter ending on the 31.03.2020, has been extended to the 31.07. 2020.

2. 7. Date of furnishing of TDS certificate in Form No. 16 /16A/16B/16C/16D/ and TCS Certificate in Form 27D for the financial year 2019-20, has been extended to 15.08.2020.

2.8. Date for making Investments or completing construction or purchase for claiming deduction from capital gains U/sec 54 to 54GB arising during the Financial Year 2019-20 has been extended to 30.09.2020.

2.9. Date for making various tax saving- investments or payments for the Financial Year 2019-20 (U/sec 80C to 80GGC) has been extended to 31.07.2020.

III. As per the notification due date for the following compliances and actions have been extended till 31.03.2021 :

3.1. Sending an intimation U/sec 143(1) for the tax return filed

3.2. To issue Scrutiny assessment order U/sec 143(3), 144, for the A/Y 2018-19.

3.3. Issuance of Notice U/sec 148 for reassessment for A/Y 2013-14 onwards

3.4. Filing of appeal which are due between 20.03.2020 to 31.12.2020

3.5. Filing of Statement of Financial Transactions (SFT) U/sec 285BA for the Financial Year 2019-20 in Form 61A

3.6. Linking of PAN with Aadhar

IV. Applicability of new procedure for approval, registration or notification of certain entities U/sec 10(23C), 12AB, 35 and 80G from 01.10.2020.

V. Payment of disputed tax under Vivad se Vishwas Scheme extended till 31.12.2020 without any additional charge.