The last opportunity to file the income tax return for the FY 2018-19 was 31st March 2020. The same date was there even for revising the income tax return in case the taxpayers notices any mistakes or error in their income tax return already filed for the FY 2018-19.
“In view of the outbreak of corono virus, the date is now extended to 30th June 2020. Now the return can be filed or revised till 30th June 2020. The revised date is applicable for all categories of the taxpayers be it individual, HUF, Trust, AOP, Companies etc” informed CA Naresh Jakhotia. Partner of SSRPN & Co.
It may be recalled that the Government, in view of the outbreak of Corono Virus as a result of the complete lock down has been imposed in the country, on March 24, 2020 has already announced that taxpayers have time until June 30, 2020 to do all the activities for which otherwise the due date was 31st March 2020.
The deadline is also extended for the taxpayers who wish to opt for the dispute resolution “Vivad se Vishwas (VsV) scheme” from which government is targeting to mobile around Rs 9.32 lakh crores.
Government has very aptly taken a serious note of the situation unfolding in the country owing to the pandemic and is proactively responded to the demand of extension of statutory limitation/time barring dates. The deadline for filing revised IT returns ends March 31st is also stands extended now.
“This is an unprecedented situation and Government has correctly extended the date. The taxpayers need to note that there is no change in the closing of financial year which is going to end on 31st March only. It’s only the date of few submission and compliances that is extended” cautioned CA Naresh Jakhotia
“There is no waiver from the filing of late fee in case a person is filing its return for the FY 2018-19. It may be noted that the due date for filing the income tax return for FY 218-19 was already over in July or September 2019 only. All return filed after the said due date can only be with late fee. The present extension donot provide any immunity from the late fee. Late fee is mandatory in nature. Earlier last opportunity to file the return was 31ST March 2020 which is now stands extended to 30th June 2020” said CA Sharad Thawali, Partner of SSRPN & Co.
All taxpayers who have not still filed the return can now take this last opportunity to file the return by 30th June 2020. There are lot many taxpayers who have not filed the return due to non availability of fund. They can now have an extended opportunity to mobilize the fund and file the return by 30th June” as viewed by CA Jethalal Rukhiyana
The extension of recent due dates will not only benefit the taxpayers but also the tax authorities “who will be able to complete the task of issuing notice u/s 148 for reassessment, for revision u/s 263, for taking up the case for scrutiny, for competing the task under the Vishwas se Vishwas Scheme” said an IRS officer.
Taxpayers must ensure to file the return immediately after the relaxation from the present situation of corono virus. However, if the lockdown or situation continues even till May or June 2020 then there is every probability of the date extension even beyond 30th June by the Government” opined by CA Monika Rathi, Partner of SSRPN & Co.
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