It could be assumed from the current scenario created by the COVID-19 has affected business functioning and revenues and it’s time for the Government of India and its citizen to come together and help each other. Understanding the situation of the public, a notification has been issued by the Central Board of Direct Taxes (CBDT) under the guidance of the Ministry of Finance regarding providing a further extension to various tax deadlines for payments under the Act saving them from committing default under the Act.
In a row to provide a huge relief to its taxpayers, now the due date for the income tax return for FY 2019-20 (AY 2020-21) now stands extended to November 30, 2020. Accordingly, the income tax returns that were required to be filed by July 31 and October 31 could be submitted till November 30 of this year.
Further, the Central Board of Direct Taxation (CBDT) has stretched the various time limits under direct tax and ‘Benami’ laws. The statement issued contains the following announcements-
a. The salaried individuals and small/medium taxpayers across India can submit their ITRs till November 30, 2020, instead of July 31, 2020.
b. Small and medium taxpayers having a self- assessed tax liability up to Rs. 1lakh can also file their IT returns by November 30.
c. The cut-off date for linking PAN with Aadhaar has been further elongated till March 31, 2021, in the benefit of public interest.
d. Taxpayers intending to declare their investment declarations now have the opportunity to provide for tax deductions under the exemptions till July 31 for Assessment Year (AY) 2019-20.
e. Extension of the time-limit for submission of the original as well as revised income for FY2018-19 (AY 2019-20) till July 31, 2020.
f. The filing date for the tax audit report has also been extended to October 31, 2020.
g. The time limit for claiming deductions allowed after the commencement of operations in Special Economic Zone (SEZ) units or for submitting the Tax Deducted at Source (TDS)/ Tax Collected at Source (TCS) statements and the related issue of certificates has also been covered into the time-limit of extension.
h. Nevertheless, no further extension in the time-limit for the payments of tax liability has been announced in the case where the assessee has a self- assessed liability exceeding Rs 1 lakh.
About Author: e. Start India is the professional tech-based online business and legal services providing a platform that helps the clients to simplify the procedures of all kinds of registration, implementation, tax concerns, and any other compliance and services related to the business in India.
Disclaimer: The content of this article are for information purposes only and does not constitute advice or a legal opinion and are personal views of the author. It is based upon relevant law and/or facts available at that point of time and prepared with due accuracy & reliability. Readers are requested to check and refer to relevant provisions of statute, latest judicial pronouncements, circulars, clarifications etc. before acting on the basis of the above write up. The possibility of other views on the subject matter cannot be ruled out. By the use of the said information, you agree that Author / TaxGuru is not responsible or liable in any manner for the authenticity, accuracy, completeness, errors or any kind of omissions in this piece of information for any action taken thereof. This is not any kind of advertisement or solicitation of work by a professional.