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Covid-19-Reliefs-in-respect-of-filing-of-Income-Tax-Returns

 

Covid-19 Reliefs in respect of filing of Income Tax Returns

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Introduction-

CBDT has issued Notification No 35/2020 [S.O. 2033(E)] dated 24th June, 2020, has allowed the following extensions due to Covid-19 in respect of filing of Income Tax Returns/TDS Returns etc. -

   
  • The time limit for filing of Original/Revised Income tax return for the FY 2018-19 (AY 2019-20) has further been extended to 31st July, 2020 from 30th June, 2020.
  • The due date for filing of Income tax return for the FY 2019-20 (AY 2020-21) has been extended to 30th November, 2020.
  • The due date for furnishing the Tax Audit Report for the FY 2019-20 (AY 2020-21) has been extended to 31st October, 2020.
  • The due date for furnishing the TDS/ TCS returns for the 4th Quarter of FY 2019-20 (AY 2020-21) has been extended to 31st July, 2020.
  • The due date for issuance of TDS/ TCS certificates for the 4th Quarter of FY 2019-20 (AY 2020-21) has been extended to 15th August, 2020.
  • The due date for Aadhaar-Pan linking has also been extended up to 31st March 2021 from 30th June 2020, earlier it was 31st March 2020.
  • The Investment under section 80C (i.e. PPF, NSC, ELSS or any other eligible tax saving schemes), Donation under section 80G (i.e. PM care fund etc), or any payment made under section 80D (i.e. Mediclaim policy etc.) till July 31, 2020, can claim tax benefit under FY 2019-20. An assessee can also claim deduction in FY 2020-21 for any investment made till 31st July, 2020 if such amount has not been claimed as deduction in FY 2019-20.
  • The due date for payment of self-assessment tax liability has been extended up to 30th November 2020, for the taxpayers whose self-assessment tax liability is up to Rs 1 Lakh (means no interest will be charged u/s 234A).
  • There will be no extension for payment of self-assessment tax for the taxpayers, whose self-assessment tax liability is more than Rs. 1 Lakh, they have to pay their self-assessment tax liability by the due dates specified in the Income-tax Act, 1961 and delayed payment would attract interest under section 234A.
  • The rate of TDS deduction on payments for contract, professional fee, rent, commission, dividend, brokerage etc shall be reduced by 25% of existing rates.
  • The date for commencement of operation for the SEZ units for claiming deduction under section 10AA of the IT Act has also been further extended to 30th September, 2020 for the units which received necessary approval by 31st March, 2020.
Download the Notification: CBDT Notification_35_2020 dt. 24.06.2020



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