On July 29, the Centre extended the deadline for filing of original and revised income tax (I.T.) returns for FY 2018-19 (AY 2019-20) till September 30, 2020 vide Notification No. 56/2020-Income Tax Dated: 29th July, 2020.

The IT Department said in a tweet – “In view of the constraints due to the COVID-19 pandemic and to further ease compliances for taxpayers, the Central Board of Direct Taxes (CBDT) extends the due date for filing of Income Tax Returns for FY 2018-19 (AY 2019-20) from July 31 to September 30, 2020,”

Earlier in March, the date was extended to June 30 from March 31, and in June till July 31.

A notification to this effect was issued by the CBDT on July 29 and comes after the Finance Ministry announced relaxations for the same on June 24.

In the June extension, the CBDT also said: “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 up to Rs. 1 lakh has also been extended to 30th November 2020.”

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.

CBDT extends due date for Income Tax Returns for FY 2018-19

Other Income Tax Related Deadline

The last date for employers to issue Form 16 to employees is 15 August 2020. Form 16 has the details of the total salary received by the employee, the tax deducted by the employer and deduction availed by the employee. Form 16 helps in filing ITRs. Employees who want to file their tax return or ITRs early can do so using their salary slips and Form 26AS.

Earlier, the government had also extended the last date of filing of the income tax return for FY 2019-20 (AY 2020-21) to 30th November 2020. It should also be noted that for linking biometric Aadhaar with PAN the deadline was extended till March 31 next year.

In June, the government had extended the date for making an investment, construction, purchase for claiming deduction in respect of capital gains under Sections 54 to 54GB of the Income Tax Act to September 30, 2020. Section 54 relates to tax exemptions available from capital gains if the capital gains are invested in the purchase or construction of the residential property. Therefore, the investment, construction, purchase made up to September 30, 2020, shall be eligible for claiming deduction from capital gains.

Vivad Se Vishwas scheme for direct tax dispute resolution has been extended till December 31, 2020. The Vivad se Vishwas scheme was announced in Union Budget 2020 for providing dispute resolution in respect of pending income tax litigation. Under this scheme, a taxpayer would be required to pay only the amount of the disputed taxes and will get a complete waiver of interest and penalty.

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March 2021