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.

Due Dates

Return Year Original Due Date Revised Due Date Comments
Income Tax Returns A.Y. 2019-20

(F.Y. 2018-19)

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.

A.Y. 2020-21

(F.Y. 2019-20)

31/07/2020

or

31/10/2020

30/11/2020 Section 234A:

♦ 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

(F.Y. 2018-19)

31/10/2019 31/07/2020 Penalty u/s 271B  @ 0.5% of Turnover or `1,50,000/-, whichever is less
A.Y. 2020-21

(F.Y. 2019-20)

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

(F.Y. 2019-20)

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

F.Y. 2019-20

31/05/2020 31/07/2020
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.

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Qualification: CA in Practice
Company: Vasani & Co.
Location: Mumbai, Maharashtra, IN
Member Since: 09 Jun 2020 | Total Posts: 4

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13 Comments

  1. Ashotosh says:

    I have sold a residential unit on 2nd March 2020. My due date for investing in notified REC bonds for deduction u/s 54EC is 1st Sept 2020 as per IT Act.
    Is my due date also eligible for extension of due date upto 30th Sep 2020 as per IT notification 35/2020 and 56/2020. If I invest in notified bond now but before 30th September 2029, whether I will be able to take tax exemption benefit??
    Kindly advice as very few days remaining.

  2. Harsha says:

    I have sold a residential unit on 11th Feb 2020. My due date for investing in notified REC bonds for deduction u/s 54EC is 11th Aug 2020 as per IT Act.
    Is my due date also eligible for extension of due date upto 30th Sep 2020.
    Kindly share with me the order for the validity of the same

  3. R.Nageswaran says:

    Section 54 deals with reinvestment of the long term Capital gain and the options to mitigate the tax liability. It is noticed that as per the notification, compliance dates of action falling due during the period commencing from20th March 2020 and ending 31stDecember 2020,on the part of the TAX PAYER as well as the authorities have been extended to 31st March 2021.
    How ever there is a shorter period prescribed ie,30 th September 2020 for compliance of all ” action by the TAX PAYER ” which is in variance with the preamble of the notification.
    In cases where the one year period before the transfer of the capital asset is to expire or expired after 20th March 2020 and the intended transfer could not take place even before 30th September 2020 which is said to be the extended date for compliance by the TAXPAYER, such taxpayers will be put to irreparable loss. Therefore in the interest of such TAXPAYER there should be adequate extention of time as per the notification with out limiting the time to 30th September.2020 ,thus enabling the said taxpayer’s to comply with the stipulation on or before 31stMarch 20 21. It is opined only such a clarification by the CBDT will meet the ends of justice and dispel the ambiguity and avoid unnecessary dispute between the assessee and the department. Will the authorities concerned and associations involved in protecting the interest of the tax payers take early action well before 30th September?

  4. Ravi Shankar says:

    Is it Sec. 54 TO 54GB as stated in your Article?
    The Notification provides for Sec. 54 OR 54GB?

    There is a lot of difference between 54 to 54GB and 54 or 54GB. I am looking if an extension to 30-09-2020 was given for 54EC too. If I follow your article: YES.
    If I look at the relevant Notification: NO.

  5. KAMAL KUMAR says:

    I HAVE SOLD THE AGRICULTURAL LAND IN DEC 2019 AGAINST WHICH I WANT TO CLAIM DEDUCTION U/S 54 or 54B BUT I HAVE NOT INVESTED YET. CAN I CLAIM DEDUCTION IF I INVEST NOW.

  6. prem kumar srivastava says:

    I sought an information under RTI Act 2005 from ITO ,reply was not satisfactory ,i applied to First appellate authority , now i want to go to second appellate authority Who is this in Lucknow

  7. rao says:

    Hi Kyathi, Kindly clarify below query
    Earlier due date for capital gains (Section 54 sale of property) money to be deposited in public sector bank before 31st July 2020.
    Is this due date also moved to 30th Nov 2020.

    Please clarify. thanks

  8. DEEPAK SONI says:

    THE FIRST AND THE SEDOND CLAUSES OF THE ORDINANCE EXTENDING THE DATE TO 31 DECEMBER 2020 AND 31 MARCH 2021 HAVE BEEN VERY CLUMSILY DRAFTED. THEY ARE VAGUE AND FULL OF AMBIGUITY.AMBIGUITY HAS BEEN CREATED BECAUSE OF OVER ENTHUSIASM ON PART OF THE BUREAUCRATS IN USING MORE AND MORE COMPLICATED LEGAL LANGUAGE.

  9. Eugene says:

    Has the validity date for form 15 H submission extended beyond June 30th? In Mumbai lockdown is in force. Cannot go to bank.

  10. Rakshith says:

    If the land has been sold in August 2019. Can i deposit money in Section 54EC bonds so as to get exemption from capital gain tax.

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