PAN-Aadhaar Linkage, Tax Saving, Form 16, Belated ITR Filing Deadlines Extended
More than three months have passed since the nation witnessed a total lockdown in the wake of coronavirus pandemic. And even though Unlock 1 has begun, going out is still a fearful thing. Keeping this in mind, the government has decided to extend the ITR filing deadlines. Not just this, other deadlines of various tax-related activities like linking of PAN with Aadhaar number, completing tax saving investments exercise for financial year 2019-20 and for companies to issue Form 16 to employees will also extend.
“In view of the challenges faced by taxpayers in meeting statutory and regulatory compliance requirements across sectors due to the outbreak of Covid-19, the government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020, on March 31, which extended various time limits. In order to provide further relief to taxpayers for making various compliances, the government has issued a notification on June 24,” the Central Board of Direct Taxes (CBDT) said in a release.
The IT department has also tweeted about the same:
What are the new dates?
The government has released a notification regarding the extension of last dates. Here are the new dates, you must know:
- The last date for filling or revised IT returns for FY 19 is now July 31, 2020.
- For claiming deductions under Section 80C (LIC, PPF, NSC, etc), 80D (Mediclaim), 80G (Donations), etc for 2019-20 (FY20), the last date has been further extended to July 31, 2020.
- The deadline for Income Tax returns for FY19-20 has also been changed to November 30, 2020.
- The last date for linking PAN and Aadhaar Card has also changed to March 31, 2021. Earlier, the deadline was June 30, 2020.
It is not just the direct tax but also some other Benami laws whose last date has been extended. Read on:
- The date for furnishing tax audit report has been shifted to October 31, 2020.
- In addition, while the date for furnishing of TDS/TCS statement has extended to July 31, 2020, issuance of their certificates have been changed to August 15, 2020 respectively.
- To bring relief to small and middle class taxpayers, the government has also changed the date for payment of self-assessment tax till November 30, 2020. This is being done for those taxpayers whose self-assessment tax liability is up to Rs. 1 Lakh. This will not be applicable to those whose self-assessment tax liability exceeds Rs. 1 lakh and if they fail to pay the tax the due dates specified in the Income Tax Act (IT Act), they will be charged with delayed payment with interest under section 234A of the IT Act.
- Further, the date for commencement of operation for the Special Economic Zones (SEZ) units for claiming deduction under deduction 10AA of the IT Act is now September 30, 2020. It is applied to the units which received necessary approval by March 31, 2020.
- Also, due date for making investment/ construction/ purchase for claiming roll over benefit/ deduction in respect of capital gains under sections 54 to 54GB of the IT Act has shifted to September 30, 2020.