In order to provide relief to tax-payers, the Income Tax (I-T) Department on Thursday announced that the deadlines for making tax-saving payments/investments for 2019-20 have been extended till July 31, in wake of the COVID-19 pandemic. Earlier this deadline was extended till June 30 but now it has again been extended by one more month. People who did not file their returns will now get some additional time.
The income tax department tweeted that understanding and keeping in mind the times that country is in, the department has further extended deadlines. Now, tax-saving investments/payments for FY 2019-20 can be made up to July 31, 2020. They wrote that they do hope this helps taxpayers plan things better.
Last week, the Centre extended the deadline for filing revised income-tax returns (ITR) for 2018-19 fiscal till July 31, 2020.
Understanding & keeping in mind the times that we are in, we have further extended deadlines. Now, Tax Saving Investments/Payments for FY 2019-20 can be made upto 31st July, 2020. We do hope this helps you plan things better.#ITDateExtension#FacilitationDuringCovid#WeCare pic.twitter.com/HZZJSmN8g7
— Income Tax India (@IncomeTaxIndia) July 2, 2020
The date for linking Aadhaar with PAN has also been extended to March 31, 2021. The income tax department will not charge interest from small taxpayers for the financial year 2020 under section 234A, if the self-assessment tax liability of the taxpayer does not exceed Rs 1 lakh and the return is filed within the extended due date.
A release of the Central Board of Direct Taxes (CBDT) said that 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 July 31, 2020. The due date for the income tax return for the FY 2019-20 (AY 2020-21) has been extended to November 30, 2020. Hence, the returns of income, which are required to be filed by July 31, 2020, and October 31, 2020, can be filed up to November 30, 2020. Consequently, the date for the furnishing tax audit report has also been extended to October 31, 2020.