GOVERNMENT REVISED THE DUE DATES OF VARIOUS COMPLIANCE UNDER INCOME TAX ACT

GOVERNMENT REVISED THE DUE DATES OF VARIOUS COMPLIANCE UNDER INCOME TAX ACT

On 24th June 2020, GOI has issued a notification no. 35/2020, has revised the due dates of various compliance under Income Tax ACT

This notification has amended the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 which was brought by the Government on 31st March, 2020.
 

This decision has been taken to provide the further relief to the taxpayers in order to meet the various compliances under Income Tax Act.
 

Through this the taxpayers will get ample amount of time to meet the deadlines of statutory obligations and requirements as per the Income Tax Act.
 

New Revised Due Dates of Various Compliances under Income Tax Act

A short summary of the revised due dates are as follows:

S. No. Particulars Original Due Date Revised Due Date
1

Income Tax Returns
Assessment Year 2019-20

(Financial Year 2018-19)

31/03/2020

31/07/2020

2

Income Tax Returns
Assessment Year 2020-21

(Financial Year 2019-20)

31/07/2020  
&
31/10/2020
30/11/2020
3

Income Tax Audit
Assessment Year 2019-20

(Financial Year 2018-19)

31/10/2019 31/07/2020
4

Income Tax Audit
Assessment Year 2020-21

(Financial Year 2019-20)

30/09/2020 31/10/2020
5 Investment made to claim Capital Gain exemption under Sections 54 to 54GB  --- 30/09/2020
6 The due date for making any investment in order to claim deduction under Chapter VIA of IT Act, such as – Section 80C (PPF, LIC, NSC, etc.);
–   Section 80D (Mediclaim);
–   Section 80G (Donations); etc.
And other related deduction as mentioned in Chapter VIA for the Financial Year 2019-20.
31/03/2020 31/07/2020
7

The due date for furnishing TDS/TCS returns for the period starting from January, 2020 to March, 2020 or Quarter 4 of Financial Year 2019-20.

31/05/2020

For Government – 15/07/2020

For Others - 31/07/2020

8 To issue TDS/TCS Certificate for Financial Year 2019-2020 ---- 15/08/2020
9 To Pay self-assessment tax without any interest u/s 234A (tax payment upto Rs. One Lakh) ---- 30/11/2020
10 To start the operation of SEZ units for claiming deduction under deduction 10AA ---- 30/09/2020
11 Vivad se Vishwas Scheme ---- 31/12/2020
12 Due Date of linking PAN – Aadhaar 30/06/2020 31/03/2021

 

Other Important Extension
  • The due date for Completion of the proceeding, any order passed or issue of any notice, notification, any intimidation, any sanction or any approval by any top Authority/Commission/Tribunal under Direct Tax Law & Benami Law has been extended to 31st March, 2021 from 31st December, 2020.
     
  • Time limit for any compliance to be done such as any appeal filing, any reply, any resubmission, to make any application, to furnish any report, document, return, statement etc. under Direct Tax Law & Benami Law has been extended till 31st March, 2021.
     
  • Reduction of rate of interest i.e. 9 % in respect of delayed payment of any tax under Direct Tax Laws will not be applicable for any payments made after 30th June, 2020.

Note:

This notification will come into effect from 30th June, 2020.

For further query, click on the below link-

https://www.incometaxindia.gov.in/communications/notification/notification_35_2020.pdf
 

Edited by Minu Mishra

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