Article explains Revised Income Tax Due Dates as CBDT Notification No.35/2020 Dated 24.06.2020 which includes revised date for Income Tax Returns, Income Tax Audit, Investment for claiming Deduction under Chapter VIA, Capital Gains Exemption under Sections 54 to 54GB, Furnishing of TDS / TCS Statements, Issuance of TDS / TCS Certificates, Interest on Delayed Payment of TDS, TCS, Advance Tax and SA Tax, Various Order under Direct Taxes & Benami Law, Aadhaar PAN Linking Date, Vivad Se Vishwas Scheme, 2020 and New Procedure for Approval / Registration of certain entities under section 10(23C), Section 12AA, Section 35 and Section 80G.
|Return||Year||Original Due Date||Revised Due Date||Comments|
|Income Tax Returns||A.Y. 2019-20
|31/03/2020||31/07/2020||♦ Interest shall be levied u/s 234 A, B and C.
♦ No Penalty, however, Fees u/s 234F shall be applicable.
♦ If SA Tax < `1 lac, then no Interest u/s 234A
♦ If SA Tax > `1 lac, 234A Interest shall be levied
Section 234 B and C:
Interest shall be levied u/s 234 B and C in all cases
Penalty and Fees:
No Penalty and Fees upto the Revised Due Date
|Income Tax Audit||A.Y. 2019-20
|31/10/2019||31/07/2020||Penalty u/s 271B @ 0.5% of Turnover or `1,50,000/-, whichever is less|
|30/09/2020||31/10/2020||♦ No Interest if filed within Revised Due Date
♦ No Penalty if filed within Revised Due Date
|Investment for claiming Deduction under Chapter VIA||A.Y. 2020-21
|31/03/2020||31/07/2020||♦ Section 80C (LIC, PPF, NSC etc.)
♦ Section 80D (Mediclaim)
♦ Section 80G (Donations), etc.
|Capital Gains Exemption under Sections 54 to 54GB||As per Relevant Section||30/09/2020||Investment / Construction / Purchase made up to 30/09/2020 shall be eligible for claiming Deduction|
|Furnishing of TDS / TCS Statements||Q4 of
|Issuance of TDS / TCS Certificates||F.Y. 2019-20||15/08/2020|
|Interest on Delayed Payment of TDS, TCS, Advance Tax and SA Tax||9% upto 30/06/2020||12% or 18% after 30/06/2020|
|Various Order under Direct Taxes & Benami Law||–||31/12/2020||31/03/2021||Includes all Time barring matters like Scrutiny, Appeal, Rectification, Revision, etc.|
|Aadhaar PAN Linking Date||–||30/06/2020||31/03/2021||–|
|Vivad Se Vishwas Scheme, 2020||–||30/06/2020
(Extended to 30/12/2020)
|31/12/2020||The Date of furnishing of Declaration, passing of Order, etc. under the Scheme stand extended to 31/12/2020.|
|New Procedure for Approval / Registration of certain entities u/s 10(23C), 12AA, 35 and 80G||–||01/06/2020||01/10/2020||Pre-amended Procedure shall continue to apply from 01/06/2020 to 30/09/2020.|
Note: 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 30/06/2020.