Ministry of Finance further extends income tax compliance deadlines

The Ministry of Finance vide its notification dated 24th June 2020 has extended the deadline for income tax compliance for the FY 2018-19 to July 31 due to disruptions resulting from the COVID-19 pandemic.

Key Highlights from the notification.

  • 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 while the due date for income tax return for the FY 2019-20 (AY 2020-21) has been extended to November 30, 2020.
  • Furnishing of the TDS/ TCS statements and issuance of TDS/ TCS certificates pertaining to FY 2019-20 has been extended to 31st July, 2020 and 15th August, 2020 respectively.
  • With regard to filing income tax return for FY20, the returns of income which were required to be filed by 31st July and October 31, 2020 can now be filed till November 30.
  • The date for making various investment/payment for claiming deduction under Chapter-VIA-B of IT Act which includes Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations), etc. has been extended to 30th July 2020 and 31st July respectively.
  • .The date for commencement of operation for the SEZ units for claiming deduction under deduction 10AA of the IT Act has also been further extended to September, 30, 2020 for the units which received necessary approval by 31st March, 2020.
  • The date for furnishing tax audit report has also been extended to October, 31, 2020.

Further, the extended date for making investment/ construction/ purchase for claiming rollover benefit/ deduction in respect of capital gains under sections 54 to 54GB of the IT Act is September 30. Therefore, the investment/ construction/ purchase made up to September 30 shall be eligible for claiming deduction from capital gains.

The Finance Minister has earlier announced an extension of date for making payment without additional amount under the “Vivad Se Vishwas” scheme to December 31, 2020 and necessary legislative amendments for which shall be moved in the due course of time. However, through this notification it has extended the date for the completion or compliance of the actions which are required to be completed under the Scheme by December 30 to December 31, 2020. Therefore, the date of furnishing of declaration, passing of the order, etc., under the Scheme stand extended to December 31, 2020.

Click here to read the notification.