Amid the novel coronavirus outbreak, the Centre has yet again extended the last date for the filing of income tax returns for both FY19 and FY20. Additionally, the Central Board of Direct Taxes has extended a few other deadlines, including the last date for PAN-Aadhaar linkage and the deadline for making tax-saving investments.
As per the CBDT notification, the time for filing of original as well as revised income-tax returns for 2018-19 has now been extended to July 31, while the due date for income tax returns for 2019-20 has been extended to November 30. The CBDT notice will come into force from June 30. Consequently, the date for furnishing tax audit report has also been extended till October 31, 2020.
However, 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 June 30, 2020.
The deadline for issuing of TDS certificates has also been pushed back to August 15.
The deadline for making investments and recording expenses for which you can claim a tax deduction under the I-T Act has also been extended till July 31. This includes transactions under section 80C (LIC, PPF, NSC etc), 80D (mediclaim), 80G (donations) etc.
The date for making investment, construction, purchase for claiming roll over benefit, deduction in respect of capital gains under sections 54 to 54GB of the I-T Act has also been further extended to September 30, 2020. Therefore, the investment, construction, purchase made up to September 30, 2020 shall be eligible for claiming deduction from capital gains, the statement said.
Additionally, the last day for linking PAN and Aadhaar cards has also been extended as a consequence of other modifications and extensions given. Now, the deadline has been extended to March 31, 2021.
(With inputs from agencies)