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:
|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
|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 [email protected]