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ITR Filing and Tax-Saving Investment Deadlines Extended. Check the New Dates In wake of the challenges posed by coronavirus, the central government today announced extension of filing of income tax return for the fiscal 2019-20 to 30 November, 2020 from the original 31 July 2020

By Shipra Singh

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The central government today announced extension of filing of income tax return for the fiscal 2019-20 to 30 November, 2020 from the original 31 July 2020.

"The returns of income which are required to be filed by the 31 July, 2020 and 31 October, 2020 can be filed to 30 November, 2020," the official statement from Central Board of Direct Taxes (CBDT) said. Consequently, the date for furnishing tax audit report has also been extended to 31 October, 2020.

Additionally, in a major relief to small taxpayers, the central government has extended the deadline for making tax-saving investments for the financial year 2019-20 by another month to 31 July 2020.

"The date for making various investment/ payment for claiming deduction under Chapter-VIA-B of the IT Act which includes section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations) etc. has also been further extended to 31 July, 2020. Hence the investment/ payment can be made up to 31 July, 2020 for claiming the deduction under these sections for FY 2019-20," said the statement.

Earlier in March, the government had extended the date for making payments into tax-saving investments for FY 2019-20 to 30 June. The last date for making tax-saving investments under the various sections of the Income Tax Act is 31 March 2020 or last date of a financial year.

The government has taken these decisions keeping in view the challenges taxpayers must be facing in meeting the compliance requirements under the lockdown restriction imposed to contain the spread of Covid-19.

"The Government has issued a notification today (on 24 June 2020) to provide further relief to the taxpayers by extending various time limits of compliances… for meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of Novel Corona Virus (COVID-19) to provide relief to taxpayers," the statement said.

Not just for the previous fiscal, the last date of filing of original as well as revised income-tax returns for the financial year 2018-19 has also been extended to 31 July 2020. Amongst other measures, linking of Aadhaar-PAN has been extended to 31 March, 2021.

Here are some of the other important deadline extensions announced by the government:

  • 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 IT Act has also been further extended to September 30. This means the investment made up to September 30 shall be eligible for claiming deduction from capital gains.
  • In order to provide relief to small and middle class taxpayers, the date for payment of selfassessment tax in the case of a taxpayer whose self-assessment tax liability is up to INR 1 lakh has also been extended to 30 November. For those with self-assessment tax liability exceeding INR 1 lakh, the tax shall be payable by the due dates and delayed payment would attract interest under section 234A of the IT Act.
  • The date for commencement of operation for the SEZ units for claiming deduction under 10AA of the IT Act has also been further extended to 30 September for those units which received necessary approval by 31 March 2020.
  • The date for furnishing TDS/ TCS statement and issuance of TDS/ TCS certificate for FY 201920 has been extended only to 31 July and 15 August, respectively.
  • The reduced rate of interest of 9 per cent for delayed payments of taxes, levies, etc. specified in the ordinance shall not be applicable for the payments made after 30 June.
Shipra Singh

Entrepreneur Staff

Freelance Journalist


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