Vide Income Tax Notification No. 35/2020 dated 24.06.2020  govt extends  Due date for ITR for FY 2018-19  upto 31.07.2020, Last date for investments to be eligible for deduction under Chapter VI-A i.e. 80C, 80D etc for the FY 2019-20 [AY 2020-21] upto 31.07.2020, Last date for ITR for FY 2019-20 [AY 2020-21] upto 30.11.2020, Last date of furnishing audit report for FY 2019-20 upto 31.10.2020,  Last furnishing of TDS/TCS returns extended to 31.07.2020 and for issue of certificates 15.08.2020, date for payment of self-assessment tax in the case of a taxpayer whose self-assessment tax liability is upto Rs. 1 lakh for FY 2019-20 to 30th November,  date for making investment/ construction/ purchase for claiming roll over benefit/ deduction in respect of capital gains under sections 54 to 54GB of the IT Act upto 30th September, 2020 etc.

Chart of Extension in various time limits under direct tax  WEF 24th June 2020

Topic Due date (extended)
Original and revised Income Tax Return for F.Y 2018-19 31st July 2020
Income Tax Return for F.Y 2019-20(audited and non audited) 30th November 2020
Tax Audit Report for F.Y 2019-20 31st October, 2020
Payment of self assessment tax having self assessed tax liability upto Rs. 1 lakh 30th November 2020
No extension in due date of payment of self assessment tax having self assessed tax liability more than Rs. 1 lakh and delayed payment would attract interest under section 234A as per IT Act
Various payments for claiming deduction under Chapter-VIA-B (section 80C , 80D , 80G) of the

IT Act for FY 20 19-20

  • time limit for the completion or compliance
  • date for making the said completion or compliance
  • 30th July 2020
  • 31st July 2020
Various investment! construction / purchase for claiming benefit / deduction in respect of capital gains under sections 54 to 54GB of the IT Act

  • time limit for the completion or compliance
  • date for making the said completion or compliance
  • 29th September, 2020
  • 30th September, 2020
Vivad se Viswas

  • time limit for the completion or
    compliance
  • date for making payment without
    additional amount
  • 30th December, 2020
  • 31st December, 2020
Date for furnishing of TDS! TCS statements for F.Y 20 1-20 31st July 2020
Date of issuance of TDS! TCS certificates pertaining to the FY 20 19-20 15th August, 2020
PAN Aadhaar linking 31st March, 2021
Date for passing of order or issuance of notice by the authorities and various compliances under various Direct Taxes & Benami Law 31st March, 2021
Date for commencement of operation for the SEZ units received necessary approval by 31st March, 2020 for claiming deduction under section 10AA of the IT Act 30th September, 2020

Chart Source- https://icmai.in/upload/Taxation/EXTENSION_DIRECT_TAX.pdf

Ministry of Finance

Extension of various time limits under Direct Tax & Benami laws

Posted On: 24 JUN 2020

In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of Novel Corona Virus (COVID-19), the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 [the Ordinance] on 31st March, 2020 which, inter alia, extended various time limits. In order to provide further relief to the taxpayers for making various compliances, the Government has issued a Notification on 24th June, 2020, the salient features of which are as under:

I. The time for filing of original as well as revised income-tax returns for the FY 2018-19 (AY 2019-20) has been extended to 31st July, 2020.

II. Due date for income tax return for the FY 2019-20 (AY 2020-21) has been extended to 30th November, 2020. Hence, 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.

III. 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 upto Rs. 1 lakh 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. 1 lakh. In this case, the whole of the self-assessment tax shall be payable by the due dates specified in the Income-tax Act, 1961 (IT Act) and delayed payment would attract interest under section 234A of the IT Act.

IV. The date for making various investment/ payment for claiming deduction under Chapter-VIA-B of the IT Act which includes section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations) etc. has also been further extended to 31st July, 2020. Hence the investment/ payment can be made upto 31st July, 2020 for claiming the deduction under these sections for FY 2019-20.

V. The date for making investment/ construction/ purchase for claiming roll over benefit/ deduction in respect of capital gains under sections 54 to 54GB of the IT Act has also been further extended to 30th September, 2020. Therefore, the investment/ construction/ purchase made up to 30th September, 2020 shall be eligible for claiming deduction from capital gains.

VI. The date for commencement of operation for the SEZ units for claiming deduction under section 10AA of the IT Act has also been further extended to 30th September, 2020 for the units which received necessary approval by 31st March, 2020.

VII. The furnishing of the TDS/ TCS statements and issuance of TDS/ TCS certificates being the prerequisite for enabling the taxpayers to prepare their return of income for FY 2019-20, the date for furnishing of TDS/ TCS statements and issuance of TDS/ TCS certificates pertaining to the FY 2019-20 has been extended to 31st July, 2020 and 15th August, 2020 respectively.

VIII. The date for passing of order or issuance of notice by the authorities and various compliances under various Direct Taxes & Benami Law which are required to be passed/ issued/ made by 31st December, 2020 has been extended to 31st March, 2021. Consequently, the date for linking of Aadhaar with PAN would also be extended to 31st March, 2021.

IX. 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.

The Finance Minister has already announced extension of date for making payment without additional amount under the “Vivad Se Vishwas” Scheme to 31st December 2020, necessary legislative amendments for which shall be moved in due course of time. The said Notification has extended the date for the completion or compliance of the actions which are required to be completed under the Scheme by 30th December, 2020 to 31st December, 2020. Therefore, the date of furnishing of declaration, passing of order etc under the Scheme stand extended to 31st December, 2020.

Deferment of the implementation of new procedure for approval/ registration/ notification of certain entities u/s 10(23C), 12AA, 35 and 80G of the IT Act has already been announced vide Press Release dated 8th May, 2020 from 1st June, 2020 to 1st October, 2020. It is clarified that the old procedure i.e. pre-amended procedure shall continue to apply during the period from 1st June, 2020 to 30th September, 2020. Necessary legislative amendments in this regard shall be moved in due course of time.

The Finance Minister has already announced reduced rate of TDS for specified non-salaried payments to residents and specified TCS rates by 25% for the period from 14th May, 2020 to 31st March, 2021. The announcement was also followed by the Press Release dated 13th May, 2020. The necessary legislative amendments in this regard shall be moved in due course of time.

(Release ID: 1634070)

————————————–

Notification is updated by CORRIGENDUM Notification No.39/2020-Income Tax / S.O. 2126(E) dated 29.06.2020.

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)

Notification No. 35/2020

New Delhi, the 24th June, 2020

TAXATION AND OTHER LAWS

S.O. 2033(E).– In exercise of the powers conferred by sub-section (1) of section 3 of the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (2 of 2020) (hereinafter referred to as the Ordinance), the Central Government hereby specifies , for the purposes of the said sub-section (1),‑

(i) the 31st day of December, 2020 shall be the end date of the period during which the time limit specified in, or prescribed or notified under, the specified Act falls for the completion or compliance of such action as specified under the said sub-section; and

(ii) the 31st day of March, 2021 shall be the end date to which the time limit for completion or compliance of such action shall stand extended:

Provided that where the specified Act is the Income-tax Act, 1961 and the compliance relates to‑

(i) furnishing of return under section 139 thereof, for the assessment year commencing on the ‑

(a) 1st day of April, 2019, the end date shall be extended to the 31st day of July, 2020;

(b) 1st day of April, 2020, the end date shall be extended to the 30th day of November, 2020;

(ii) delivering of statement of deduction of tax at source under sub-section (2A) of section 200 or statement of collection of tax at source under sub-section (3A) of section 206C thereof for the month of February or March, 2020, or for the quarter ending on the 315t day of March, 2020, as the case may be, the end date shall be extended to the 15th day of July, 2020;

(iii) delivering of statement of deduction of tax at source under sub-section (3) of section 200 or statement of collection of tax at source under proviso to sub-section (3) of section 206C thereof for the month of February or March, 2020, or for the quarter ending on the 31st day of March, 2020, as the case may be, the end date shall be extended to the 31st day of July, 2020;

(iv) furnishing of certificate under section 203 thereof in respect of deduction or payment of tax under section 192 of that Act for the financial year 2019-20, the end date shall be extended to the 15th day of August, 2020;

(v) section 54 to 54GB referred to in item (I) of sub-clause (i) of clause (c) of sub-section (1) of section 3 of the Ordinance or sub-clause (ii) of the said clause, the end date in respect of the time limit for the completion or compliance and the end date for making the said completion or compliance, shall be the 29th day of September, 2020 and the 30th day of September, 2020 respectively;

(vi) any provisions of Chapter VI-A under the heading “B.- Deductions in respect of certain payments” thereof, referred to in item (I) of sub-clause (i) of clause (c) of sub-section (1) of section 3 of the Ordinance, the end date in respect of the time limit for the completion or compliance and the end date for making the said completion or compliance, shall be the 30th day of July, 2020 and the 31st day of July, 2020 respectively; and

(vii) furnishing of report of audit under any provision thereof for the assessment year commencing on the 1st day of April, 2020, the end date shall be extended to the 31st day of October, 2020:

Provided further that the extension of the date as referred to in sub-clause (b) of clause (i) of the first proviso shall not apply to Explanation 1 to section 234A of the Income-tax Act, 1961 in cases where the amount of tax on the total income as reduced by the clauses (i) to (vi) of sub-section (1) of the said section exceeds one lakh rupees :

Provided also that where the specified Act is the Direct Tax Vivad se Vishwas Act, 2020, the 30th day of December, 2020 shall be the end date of the period during which the time limit specified in, or prescribed or notified thereunder falls for the completion or compliance of the action and the 31st day of December, 2020 shall be the end date to which the time limit for completion or compliance of such action shall stand extended.

2. This notification shall come into force from the 30th day of June, 2020.

[Notification No. 35/2020/ F. No. 370142/23/2020-TPL]

NEHA SAHAY, Under Secy. (Tax Policy and Legislation Division)

More Under Income Tax

7 Comments

  1. Mukherjee p says:

    If one does not want relaxation of period April 20 to july 20 in financial year 2019 -20 then can he claim his relaxation in financial year 2020-21?

  2. Ankur says:

    PRESS RELEASE THEY ARE SAYING SECTION 54 TO 54GB (WHICH INCLUDES MANY SECTIONS) BUT IN E GAZZETTE/INCOME TAX NOTIFICATION ONLY SECTION 54 OR 54GB , PLEASE CLARIFY , TWO CONTRADICTORY STATEMENTS BY INCOME TAX DEPARTMENT

  3. S.P.AGARWAL says:

    Notification does not clarify regarding extension of dates for completion of assessments u/s 153A . In such cases where the assessments are getting time barred on 30th September 2020 as per section 153B is the date extended ?

  4. Birendra Mohan Dash says:

    What about the Lower / Nil TDS Certificate for the FY 2020-21 . The last CBDT Order for the extension of certificate is going to expire on 30th June 2020 .
    But yet no Certificate has been issued by TDS . We have applied on 3rd April 2020 but still it is showing Pending with AO .
    Please help if you have any information …..

  5. vswami says:

    My Pick:
    Q
    III. 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 upto Rs. 1 lakh 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. 1 LAKH.In this case, the whole of the self-assessment tax shall be payable by the due dates specified in the Income-tax Act, 1961 (IT Act) and delayed payment would attract interest under section 234A of the IT Act.

    UQ

    FONT< This does not seem to make much sense; for, taxpayer will then be obliged to compile, after procuring all the requisite data FROM EVERY SOURCE, AND MAKE A COMPUTATION OF total income, for determining the amount of SA TAX to be paid . Consequently, simply extending the due date for a formal filing the tax return might not really provide, as intended/ professed, any 'further relief '.
    And, there are, as readily visualized, more angles creating problem in so paying SA Tax on or before July 31. These , though of relevance, do not seem to have been kept in view by the Revenue.

    For MORE, see the posts on FB/Linkedin !

    OVER / Back to….

    courtesy

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