In the view of COVID-19 pandemic government of India further makes necessary steps to provide relief to Taxpayers. As per notification issued by central government on 24 June 2020 the deadline for filling belated or revised income tax return for A.Y 2019-20 has been extended to July 31, 2020.
The following further amendment has been made in compliance of income Tax by the central government:
1. Filling revised return for A.Y. 2019-20
The time limit for filing belated as well as revised income-tax returns for the FY 2018-19 (AY 2019-20) has been extended to 31st July, 2020.
2. Due Date for payment of self-assessed tax whose tax liability is up to 1 lakh has been extended to 30th November, 2020
In order to provide relief to the small and middle class taxpayers, the due date for payment of self-assessment tax in the case where taxpayer has self-assessment tax liability up to Rs. 1 lakh has been extended to 30th November, 2020.
3. Due date for making Investment for Claiming Deduction under section 80 has been extended to 31 July 2020
The due date for making various investment and payment for claiming deduction under Section 80 of the Income Tax Act i.e. section 80C (LIC, PPF, etc.), 80D (Medical-claim), 80G (Donations) etc. has been further extended to 31st July, 2020.
4. Due date for making Investment for Claiming Deduction under section 54 has been extended to 30th September 2020
The Due date for investment or construction or purchase under capital gain for claiming roll over benefit/ deduction in respect of capital gains under sections 54 to 54GB of the Income Tax Act has been further extended to 30th September, 2020.
5. Due date for commencement of operation of SEZ units for claiming deduction under section 10AA
The date for commencement of operation of the SEZ units for claiming deduction under section 10AA of the Income Tax Act 1961 has been extended further to 30th September, 2020 for those units which received necessary approval for operations by 31st March, 2020.
6. Due date for furnishing of TDS/ TCS statements
Due date for furnishing of TDS/ TCS statements for FY 2019-20 has been extended to 31st July, 2020.
7. Due date for issuing of TDS/ TCS Certificate
Due date for issuing of TDS/ TCS certificates has been extended to 15th August, 2020.
8. Due date for various compliance under various Direct Taxes & Benami Laws
The due date for passing orders or issuance of notice by the authorities and various compliances under various Direct Taxes and Benami Laws which are required to be passed or issued or made by 31st December, 2020 has also been extended to 31st March, 2021.
9. Due date for linking Aadhaar with PAN
The date for linking of PAN card with Aadhaar has also been extended to 31st March, 2021.
10. Interest for delayed payment has been waived
The rate of interest for delayed payments of taxes, levies etc. i.e. 9% shall not be applicable for the payments made after 30th June, 2020.