The CBDT has issued a Notification No.-35/2020 dated 24th June, 2020 to provide relief to the taxpayers by extending various time limits of tax compliances. CBDT has extended due dates for filing Income Tax Returns and TDS and TCS Statements by issuing this notification.
The noticeable features of the notification are as under:
- The time for filing of original return as well as revised income-tax returns for the Assessment Year -2019-20 has been extended to 31st July, 2020.
- Due date for income tax return for the Assessment Year-2020-21 has been extended to 30th November, 2020, which were required to be filed by the 31st July, 2020.
- Due date for furnishing tax audit report for the Assessment Year-2020-21 is also extended from 30th September, 2020 to 31st October, 2020.
- Due date for furnishing TDS return under Section-200(2A) (Assessee being the office of Government) and TCS return under Section-206C(3A) (Assessee being the office of Government) for the month of February or March or for the quarter ended on 31st March, 2020 is extended from 30th June, 2020 to 15th July, 2020.
- Due date for furnishing TDS return under Section-200(3) (Assessee being other than office of Government) and TCS return under proviso to Section-206C(3) (Assessee being other than office of Government) for the month of February or March or for the quarter ended on 31st March, 2020 is extended from 30th June, 2020 to 31st July, 2020.
- The Date for issuance of TDS & TCS certificate pertaining to the FY 2019-20 has been extended upto 15th August, 2020 respectively.
- With the purpose of providing relief to small and middle class taxpayers, the date for payment of self-assessment tax for a taxpayer whose self-assessment tax liability is does not exceed Rs. 1,00,000 has also been extended to 30th November, 2020.
However, it is clarified that there will be no extension of date for the payment of self-assessment tax for the taxpayers having self-assessment tax liability in excess of 1,00,000. In this case, the whole of the self-assessment tax shall be payable by the due dates specified in the Income Tax Act, 1961 and delayed payment would also attract interest under Section-234A of the Income Tax Act, 1961.
- The date for making various investment and payment for claiming deduction under Chapter-VIA-B of the Income Tax Act, 1961 which includes Section-80C (LIC, PPF, NSC etc.), Section- 80D (Mediclaim), Section-80G (Donations) etc. has also been further extended from 30th June, 2020 to 31st July, 2020.
- To claim the deduction in respect of Capital Gains under Section-54 and Section-54GB, the date for making investment, construction and purchase has also been further extended to 30th September, 2020.
- The date for commencement of operation for the SEZ units to claim deduction under Section-10AA of the Income Tax Act, 1961 has also been further extended to 30th September, 2020 for the units which have received necessary approval by 31st March 2020.
- The date for issuance of notice or passing of order by the authorities and various compliances under Income Tax Act & Benami Law which are required to be passed, issued or made by 31st December, 2020 has been extended to 31st March,2021. Accordingly, the date for linking of Aadhaar and PAN is also extended to 31st March, 2021.
- The reduced rate of interest of 9% on delayed payments of taxes, levies, etc. shall not be applicable for the payments made after 30th June, 2020.