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:
- 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.
- 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
|
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 |
- 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 |
- 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 |
- 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.
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