A Welcome Move: Re-Extension of Various Deadlines under the Income Tax Act – 1961

0
2365

A Welcome Move: Re-Extension of Various Deadlines under the Income Tax Act – 1961

In view of the disruptions caused by Covid-19, Government has already given various relaxation to the taxpayers vide Taxation & other Laws (Relaxation of certain provisions) Ordinance 2020 issued in the month of March – 2020. In an attempt to further ease the burden of tax compliances, Government vide Notification No. 35/2020 Dated 24.06.2020 has now reasonably extended the deadlines of various tax compliances from 31st July 2020 to 31st March 2021.  The same is summarized hereunder:

  1. The due dates for filing Belated or Revised Income Tax Return for the FY 2018-19 has been extended to 31st July 2020 from earlier announced date of 30th June 2020.
  2. Extension of due dates relating to Income-Tax Returns (ITR), Audit report etc  for the FY 2019-20 is as under:

 

Nature of compliance Original Due Date Due date extended by the

Ordinance 2020

New due dates notified on 24-

06-2020

(a) If assessee is required to furnish a report of transfer pricing (TP) Audit in Form

No. 3CEB.

30-11-2020 30-11-2020
(b) ITR by company Assessee 31-10-2020 30-11-2020
(c) ITR by any Assessee who is required to get its accounts audited under the Income- tax Act or under any other

Law

31-10-2020 30-11-2020
(d) ITR by an Individual Assessee who is a partner in a firm whose accounts are required to be audited. 31-10-2020 30-11-2020
(e) In any other case 31-07-2020 30-11-2020
Sending an intimation after processing of return of income (ITR), if the return is filed during the FY 2018- 19:

(a) Under section 139; or
(b) In response to a notice issued under section 142(1)

 

31-03-2020 30-06-2020 31-03-2021
Scrutiny     assessment     under Section       143(3)      for       the

AY 2018-19.

30-09-2020 31-03-2021
Scrutiny     assessment     under Section 144 for the AY 2018-19. 30-09-2020 31-03-2021
Time-limit to issue a reassessment notice, if it expires during 20-03-2020 and 31-12-2020 31-03-2021
Furnishing of Tax Audit Report for the AY 2020- 21 30-09-2020 31-10-2020

  1. Extension of due dates relating to TDS & TCS Compliances is as under:

 

Nature of compliance Original Due Date Due date extended by the

Ordinance 2020

New due dates notified on 24-

06-2020

Form 24Q, 26Q, 27Q and 27EQ of 4th Quarter 4  of  the  FY 2019-20 31-05-2020 30-06-2020 31-07-2020
Form 24Q, 26Q, 27Q and 27EQ of  1st & 2nd Quarter of the FY 2020-21 Rule 31A/31AA 31-03-2021
Form 24QB, 24QC and 24QD of Feb. 2020 30-03-2020 30-06-2020 31-07-2020
Form 24QB, 24QC and 24QD of

March 2020

30-04-2020 30-06-2020 31-07-2020
Form 24QB, 24QC and 24QD of

April to November, 2020

30 days

from end of the month of TDS

31-03-2021
Form 16 for tax deducted from 15-06-2020 30-06-2020 15-08-2020
salary paid during the FY
2019-20
Form 16A for tax deducted from Payments (other than Salary for Quarter ending 31st March 2020 15-06-2020 15-07-2020 15-08-2020
Form    16B/16C/16D  for    tax 14-04-2020 15-07-2020 15-08-2020
deducted under section 194-
IA/194-IB/194M            during
February 2020
Form    16B/16C/16D  for    tax 15-05-2020 15-07-2020 15-08-2020
deducted under section 194-
IA/194-IB/194M during March
2020
Issue of TCS certificate for the 4th Quarter of FY 2019-20 30-05-2020 15-07-2020 15-08-2020
February 2020 15-03-2020 15-07-2020
March 2020 30-04-2020 30-06-2020 15-07-2020
April to November 2020 Within 15 days from

the end of

31-03-2021
the month
Due date to send the intimation 31-03-2020 30-06-2020 31-03-2021
for processing of statement of
TDS/TCS    filed    during    the
FY 2018-19
  1. Extension of due dates for Other Compliances:

 

Nature of Tax Compliances Original Due Date Due date extended by the

Ordinance 2020

New due dates notified on 24-

06-2020

Linking of Aadhaar number and PAN 31-03-2020 30-06-2020 31-03-2021
Making Investments or completing construction or purchase for claiming deduction from capital gains arising during the FY 2019-20. (Only for those cases where the due date falls between 20-03-2020 to 29-09-2020). 30-06-2020 30-09-2020
Making various tax saving- investments or payments for the FY 2019-20 (Section 80C to 80GGC) 31-03-2020 30-06-2020 31-07-2020
Furnishing    of    Statement    of 31-05-2020 30-06-2020 31-03-2021
Financial Transactions (SFT) for
the FY 2019-20
Passing of order or issuance of notice, notifications, sanction or approval by the authorities, commissioners or tribunal.

(Only for those cases where the due date falls between 20-03-2020 to 31- 12-2020).

30-06-2020 31-03-2021
Filing of appeal, reply or application or furnishing of any report, document etc.

(Only for those cases where the due date falls between 20-03-2020 to 31- 12-2020).

30-06-2020 31-03-2021
Applicability of new procedure for approval, registration or notification of certain entities under Sections 10(23C), 12AB,

35 and 80G.

01-06-2020 01-10-2020 01-10-20207
Non-payment of additional 10% of disputed tax under Vivad se Vishwas Scheme 31-03-2020 30-06-2020 31-12-2020
  1. Other Relaxations:
    a) In case of a delay in payment of tax, the interest shall be charged at a reduced rate @ 0.75% p.m. The press release dated 24-06-2020 also states that the reduced rate of interest of 9% for delayed payment of taxes, levies, etc. specified in the Ordinance shall not be applicable for the payments made after 30-06-2020.
    b) Interest u/s 234A will not be applicable if the Self Assessment Tax liability doesn’t exceed Rs. 1 Lakh.

[Readers may forward their feedback & queries at nareshjakhotia@gmail.comOther articles & response to queries are available at www.theTAXtalk.com]

LEAVE A REPLY

Please enter your comment!
Please enter your name here