In view of the difficulties faced by the people due to Covid-19 pandemic, the government on Wednesday extended the deadline for filing I-T returns for FY2018-19 by a month till July 31, 2020.
These include due dates for revised I-T returns for 2018-19 (FY19), declaration of tax-saving investments for FY19, linking permanent account number (PAN) with Aadhaar, among others. The much-awaited compliance relief comes as a breather for businesses and taxpayers struggling due to the extended lockdown.
â€œIn view of the challenges faced by taxpayers in meeting statutory and regulatory compliance requirements across sectors due to the outbreak of Covid-19, the government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020, on March 31, which extended various time limits. In order to provide further relief to taxpayers for making various compliances, the government has issued a notification on June 24,â€ the Central Board of Direct Taxes (CBDT) said in a release.
The due date for revising or filing I-T returns for FY19 has been extended by a month to July 31. The last date for making tax-saving investments to claim deduction under Section 80C (LIC, PPF, NSC, etc), 80D (Mediclaim), 80G (Donations), etc for 2019-20 (FY20) has been further extended to July 31.
Providing relief to small and middle-class taxpayers, the date for payment of self-assessment tax with tax liability up to Rs 1 lakh has also been extended to November 30. The due date for commencement of operations by new special economic zones (SEZs) for claiming tax holiday under Section 10AA of the I-T Act has been extended by to September 30.
The date for linking PAN with Aadhaar has also been extended further till March 31, 2021.