In view of the challenges faced by taxpayers across all sectors to meet statutory and regulatory obligations, the CBDT vide its Notification No. 35/2020 S.O.2033(E) dated 24.06.2020 has decided to provide further relief for making various compliances under Income Tax Act, 1961.

Further Relaxations for Various Complainces under Income Tax Act as announced by CBDT on 24.06.2020

Sr.

No.

 Heading

 Description   Revised

Due Date

1.

Income Tax Return Filing For F.Y. 2018-19 The time for filing of original as well as revised returns for F.Y. 2018-19 | A.Y. 2019-20 has been further extended.

31.07.2020

2.

Income Tax Return Filing For F.Y. 2019-20 The time for filing of income tax return for all tax payers F.Y. 2019-20 | A.Y. 2020-21 has been extended.

30.11.2020

3.

Date of Payment of Self Assessment Tax In order to provide relief to small and middle class tax payers, the date for payment of S.A. Tax will be as follows:

Particulars

Revised

Due Date

Interest Liability u/s 234A

Where S.A.Tax liability is up to Rs.1 Lacs

30.11.2020

Not Applicable if S.A.Tax paid before Due date

Where S.A.Tax liability is in excess of Rs.1 Lacs

Original Due dates as per Section 139(1)

Applicable if paid after due date

Note: S.A.Tax will be considered after reducing all the pre-paid taxes paid during the year such as Advance tax, TDS, Foreign Tax Credits, etc.

4.

Tax Audit Report The date for filing Tax Audit Reports under Income Tax Act has been extended for F.Y. 2019-20 || A.Y. 2020-21.

31.10.2020

5.

Due Dates For Making Investments / Tax Saving Payments The dates for making various investments / payments to claim deductions under chapter VIA of Income Tax Act viz.

–   Section 80C (PPF, LIC, NSC, etc.);

–   Section 80D (Mediclaim);

–   Section 80G (Donations); etc.

and such other deductions mentioned under chapter VIA for the F.Y.2019-20 have been further extended. Thus, payments can be made up to the revised due date.

31.07.2020

6.

Due Date w.r.t. Capital Gains The time limit for making investment / construction / purchase for claiming roll over benefit / deductions in respect of capital gains under sections 54 to 54GB of Income Tax Act has been further extended. Thus, a taxpayer can avail the benefits up to the revised due date.

30.09.2020

7.

TDS / TCS Returns For Quarter 4 of F.Y. 2019-20 The due date for furnishing TDS / TCS returns for the F.Y. 2019-20 has been further extended.

31.07.2020

8.

Issuing TDS / TCS Certificates The due date to issue TDS / TCS certificates to deductees as well as the due date to issue Form 16 to employees has been extended.

15.08.2020

9.

Linking of PAN and Aadhaar Card The due date to link PAN with Aadhaar card on the Income Tax website has been further extended.

31.03.2021

10.

Compliance for a SEZ Unit The date for commencement of operation for SEZ units to claim deduction under section 10AA of the Income Tax Act, 1961 is further extended. This is applicable to units which received necessary approvals by 31st March 2020.

30.09.2020

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Qualification: CA in Practice
Company: RHDB & Co LLP
Location: Mumbai, Maharashtra, IN
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One Comment

  1. rama says:

    Leave encasement on superannuation or VRS Whether exempted from tax if yes then w.e.f and the date of notification in this regard .

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