Notification No. 35/2020/ F. No. 370142/23/2020-TPL Dated 24th June 2020

In order to provide further relief to the taxpayers for making various compliances, the Government has issued Income Tax Notification No. 35/2020 dated 24th June 2020 amending The Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020, thereby extending due dates under various provisions of Income Tax Act.

A brief summary of the extended due dates are as follows:

Sl. Particulars Due Date
1. Income Tax Return u/s 139 – F.Y. 2018-19 31st July 2020
2. Income Tax Return u/s 139 – F.Y. 2019-20 30th November 2020
3. Income Tax Audits – F.Y. 2019-20 31st October 2020
4. Payment of self-assessment tax without any interest u/s 234A (tax payment upto Rs. One Lakh) 30th November 2020
5. Submission of TDS/TCS returns (Feb/March 2020 or for the quarter ending 31st March 2020

–        Government Departments

–        Others

15th July 2020

31st July 2020

6. Furnishing TDS/TCS certificates 15th August 2020
7. Investments under chapter VI-A

(covering section 80C, 80D, 80G, etc.)

31st July 2020
8. Investment under section 54 to 54GB  for taking benefits of capital gain exemptions 30th September 2020
9. Commencement of operation for the SEZ units for claiming deduction under deduction 10AA 30th September 2020
10. “Vivid se Vishwas” scheme – 10% benefit 31st December 2020

Further, all the other time limits which falls for completion or compliance by 31st December 2020 shall be deemed to be extended till 31st March 2021 as the due date for completion or compliance of such actions. Some of those items include:

a) completion of any proceeding or passing of any order or issuance of any notice, intimation, notification, sanction or approval or such other action, by whatever name called, by any authority, commission or tribunal, by whatever name called, under the provisions of the specified Act; or

b) filing of any appeal, reply or application or furnishing of any report, document, return, statement or such other record, by whatever name called, under the provisions of the specified Act.

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

The Author, Deepanshu Gupta, is Managing Partner of DGA which is a multi-disciplinary audit and advisory firm providing gamut of services including audit, income tax, consulting and outsourcing services and can be contacted at deepanshu@dgaglobal.in

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8 Comments

    1. DeepanshuGupta says:

      Dear Sudipta – The Taxation and Other Laws (Relaxation of certain provisions) Ordinance, 2020 dated 31-March-2020 was further amended vide Notification no. 35/2020 dated 24-June-2020. The overall effect on Section 54EC is that if the time limit of 6 months after the date of transfer of asset falls between 20-March-2020 to 29-September-2020, the due date shall stand extended to 30-September-2020.

      Thus, if the Long term Capital asset transfer took place after 20-September-2019, the assessee has time till 30-September-2020 to invest in Long term specified asset (NHAI, REC, PFC, IRFC Bonds with duration of 5 years and above) upto a maximum of Rs. 50 Lacs in a financial year.

      Feel free to reach out @ 9540022735 or deepanshu@dgaglobal.in for any further clarifications.

  1. Yatin vohra says:

    Has the date for issuing notice under section 148 for the financial year 2012-13 (income escaped above rs 1lakh) also been increased to 31st March 2021 ?? Please clarify.

    1. DeepanshuGupta says:

      Dear Yatin – The Taxation and Other Laws (Relaxation of certain provisions) Ordinance, 2020 dated 31-March-2020 extended all the due date of compliances to 30-June-2020 and further to 31-March-2021 vide Notification no. 35/2020 dated 24-June-2020.

      Section 148 read with section 149 allows AO to issue notice for income escaping assessment till 6 years from the end of the AY. For FY 2012-13, this date ended on March 31, 2020 which shall stands extended till 31-March 2021 now.

      Feel free to reach out @ 9540022735 or deepanshu@dgaglobal.in for any further clarifications.

  2. UMAID SINGH BHANDARI says:

    As per notification No. 35/2020/F. NO. 370142/23/2020-TPL
    THE ABOVE ONE LAKH IS TO BE DEPOSITED BEFORE 31/07/2020 OR TO DEPOSITED WHEN RETURN IS FILED BEFORE 30TH NOVEMBER..
    I AM SENIOR CITIZEN AND ALSO NOT HAVING BUSINESS INCOME THE AT WHAT TIME THE TAX ABOVE 1.00 LAKH IS TO BE DEPOSITED.
    PREVIOUSLY THE TAX WAS DEPOSITED BY SENIOR CITIZEN ALONG WITH ITR FILED DATE I, E, 31/07/2020
    KINDLY CONFIRM UNDER NOTIFICATION 35/2020 WHEN THE TAX ABOVE 1.00 LAKH IS TO BE DEPOSITED BY SENIOR CITIZEN WHO IS NOT HAVING BUSINESS INCOME.
    KINDLY REPLY SEND ON MY MOBILE WHATSAPP 9314805623 OR MY EMAIL globalstargroup@yahoo.co.in
    9314805623 UMAID SINGH BHANDARI

    1. DeepanshuGupta says:

      Yes, Tax to be paid by 31 July 2020 if tax payable is more than Rs. 1 Lacs. This will apply to all indiviudals who are not required to get the annual accounts audited under section 44AB. Note that in such cases, only the ITR filing date is extended and not tax deposition date. Interest will be charged under section 234A if the tax is not deposited by 31st July 2020. Note that since the advance tax is not paid on due dates, interest will also be charged under section 234B & 234C.

      It is only in the case of small taxpayers wherein the tax liability after deduction of TDS and advance tax payment is less than 1 Lacs, the taxpayer can pay the tax at the time of filing of ITR for which due date for AY 2020-21 is 30th November 2020. Even in this case, interest will be charged under section 234B & 234C if advance tax is not paid or advance tax paid by assessee is less than 90% of assessed tax.

      Feel free to reach out @ 9540022735 or deepanshu@dgaglobal.in for any further clarifications.

      1. Ravi Kumar sharma says:

        I am retired and only source of income is pension plus interest but amount may exceed rs 100000/- after allowing TDS and tax deducted by employer . Can I pay about rs 90000/- now and balance when exact calculation is made

        1. DeepanshuGupta says:

          Yesterday, CBDT finally realized this trouble of senior citizens and issued Notification to give effect that the self assessment tax paid till 31st July 2020 will be treated as advance tax. It means if your tax liability is Rs 1.10 Lacs, just pay Rs. 11,000 and pay the balance Rs. 99,000 at the time of filing return by the due date November 30, 2020.

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