Home Circulars & Notifications CBDT Extends Time Limits For Various Tax Compliances Amid COVID-19 Pandemic

CBDT Extends Time Limits For Various Tax Compliances Amid COVID-19 Pandemic

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The Central Board of Direct Taxes (CBDT) has extended the various due dates, which were extended, to June 30, 2020, by the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020.

The CBDT has issued Notification 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.

As per the notification issued today, the time for filing of original as well as revised income-tax returns for the FY 2018-19 (Assessment Year 2019-20) has been extended to 31st July.  2020. The due date for the income tax return for the FY 2019-20 (AY 2020-21) has been extended to 30th November 2020.

These measures have been announced to give relief to the taxpayers during coronavirus pandemic.

The Centre has also extended the time limit for linking Aadhaar card with PAN card till March 31, 2021.

The date for furnishing of TDS or TCS statement and issuance of TDS or TCS certificate pertaining to the FY 2019-20 has been extended only to 31st July 2020 and 15th August 2020 respectively.

The 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 upto 31st July, 2020 for claiming the deduction under these sections for FY 2019-20.

Ministry of Finance has clarified that no extension for the payment of self-assessment tax for the taxpayers with self-assessment tax liability exceeding Rs 1 lakh, in fact, these taxpayers will have to pay tax by the due dates specified in the Income Tax Act (IT Act) and delayed payment would attract interest under section 234A of the IT Act.

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