New Delhi | Jagran Business Desk: The government on Wednesday extended several direct tax deadlines, including those for linking PAN with Aadhaar, filing tax returns for FY 2018-19, completing tax saving investments for FY 2019-20 and for issuance of Form 16 to employees by companies. 

The deadline for tax returns for FY 2018-19 has been extended till July 31, 2020 whereas the due date for linking Aadhaar with PAN has been extended till March 31 next year. 

The series of announcements - part of the Rs 20 lakh crore economic package announced by Prime Minister Narendra Modi - come as a major relief to individual taxpayers amid the ongoing coronavirus pandemic.

Here is a look into the announcements by the Central board of Direct Taxes (CBDT): 

  • The time limit for linking biometric Aadhaar with PAN extended till March 31, 2021. 
  • The time for filing of original as well as revised income-tax returns for the FY 2018-19 (AY 2019-20) has been extended to 31st July, 2020. The deadline for tax returns for FY 2019-20 has already been extended to November 30. 
  • The returns of income which are required to be filed by 31st July, 2020 and 31st October, 2020 can be filed upto 30th November, 2020. Consequently, the date for furnishing tax audit report has also been extended to 31st October, 2020.
  • The deadline for making tax-saving investments to claim tax rebates under Sectio 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations) etc. for FY 2019-20 extended till July 31, 2020 from the earlier June 30, 2020.
  • 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 extended to September 30, 2020.
  • The CBDT said that in order to provide relief to small and middle class taxpayers, the date for payment of self-assessment tax in the case of a taxpayer whose self-assessment tax liability is up to Rs. 1 Lakh has also been extended to November 30, 2020.
  • No extension of date for the payment of self-assessment tax for the taxpayers having self-assessment tax liability exceeding Rs. 1 lakh. “In this case, the whole of the self-assessment tax shall be payable by the due dates specified in the Income Tax Act (IT Act) and delayed payment would attract interest under section 234A of the IT Act,” the statement said.
  • Due date for income tax return for the FY 2019-20 (AY 2020-21) has already been extended to 30th November, 2020. Hence, the returns of income which are required to be filed by the 31st July, 2020 and 31st October, 2020 can be filed to 30th November, 2020. Consequently, the date for furnishing tax audit report has also been extended to 31st October, 2020.
  • The date for commencement of operation for the SEZ units for claiming deduction under deduction 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.
  • 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 30th June, 2020.
  • The date of making payments without interest and penalty under Vivad se Vishwas scheme has been extended to December 31, 2020. Earlier, the scheme was extended till June 30, 2020. The Vivad se Vishwas scheme allows one-time settlement of tax dispute between the tax department and the individuals.

The government has already announced reduced rate of TDS for specified non-salaried payments to residents and specified TCS rates by 25 per cent for the period of May 14, 2020 to March 31, 2021. 

Posted By: Abhinav Gupta