Extension of Dates | Summary of CBDT | Notification No. 35/2020 dtd: 24th June 2020.
- Yogesh Suthar
- Jun 26, 2020
- 3 min read
Extension of various time limits under Direct Tax & Benami laws: CBDT has issued Notification No 35/2020 [S.O. 2033(E)] dated 24th June, 2020 on Taxation & Other Laws, further extending the time limits for various compliances.
The said Notification shall come into force from 30th June 2020.
I. Income Tax Returns for AY 2019-20:
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.
II. Due dates for AY 2020-21:
Usually, the last date for ITR filing for salaried class is July 31. The deadline has now been extended to 30th November 2020.
"Hence, the returns of income which are required to be filed by 31st July 2020 and 31st October 2020 can be filed up to 30th November 2020.
Consequently, the date for the furnishing tax audit report has also been extended to 31st October 2020, Tax audit report is required to be filed one month before the due date of filing of return of income.
III. Payment of self-assessment tax:
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 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 exceeding Rs. 1 lakh.
If delayed payment would attract interest under section 234A of the IT Act.
IV. The time limit for investments Chapter-VIA-B:
Last 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 31st July 2020.
Hence the investment/ payment can be made up to 31st July 2020 for claiming the deduction under these sections for FY 2019-20.
V. Time for investments, etc. for deduction u/s 54 to 54GB extended:
The deadline for claiming rollover benefit or deduction in respect of capital gains under sections 54 to 54GB of the IT Act has also been further extended to 30th September 2020.
(Therefore, the investment/ construction/ purchase made up to 30th September 2020 shall be eligible for claiming deduction from capital gains)
VI. The date for commencement of operation for the SEZ units extended:
The date for commencement of operation for the SEZ units for claiming deduction under section 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.
VII. Time Limit for furnishing of the TDS/ TCS statements and issuance of TDS/ TCS certificates extended:
The last date for issuing TDS and TCS statements for FY 2019-20 has been extended to 31st July 2020, and 15th August 2020 respectively.
VIII. Time limit to issue notices and PAN-Aadhaar linking date extended:
The date for the passing of order or issuance of notice by the authorities and various compliances under various Direct Taxes & Benami Law which are required to be passed/ issued/ made by 31st December 2020 has been extended to 31st March 2021
The last date for linking Aadhaar with PAN has also be extended to 31st March 2021.
IX. The benefit of a reduced rate of interest after June 30 withdrawn:
The 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.
X. Extension of Vivad Se Vishwas Scheme:
The Finance Minister has already announced an extension of date for making payment without additional amount under the “Vivad Se Vishwas” Scheme to 31st December 2020, necessary legislative amendments for which shall be moved in due course of time.
Preview: Notification(Click here)
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