Extension of time limit for filing Income-tax Return Check new dates

  • Ministry of Finance has notified extension of time limits under Income-Tax Act for filing Income Tax Returns under . Notification No.35 /2020 [F. No. 370142/23/2020-TPL] / SO 2033(E) , Check new dates:

Amid current situation of Covid19, the Central Government has notified the extension of time limit for filing income-tax return for FY 2018-19 and FY 2019-20, so one needs to check new dates to follow them .It is a big relief to tax payers. The notification has extended the date to 30th November 2020 which was earlier fixed at 31st July 2020.

Another relief to taxpayers from the Central Board of Direct Taxes (CBDT)is through a notification which extended the time limit for making various investments and claiming deductions under Sec80C,80D,80G – I-T Act for the 2019-20 fiscal by a month till July 31, 2020.

 The Centre has also extended the time limit for linking Aadhaar card with PAN card till next year.

 
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COMPARISON of previous dates and extended dates for various items

Key Highlights

  • The timeline for filing of original as well as revised income-tax returns for the FY 2018-19 (AY 2019-20) has been extended
  • In the wake of coronavirus pandemic, the Central government extended the various deadlines related to ITR filing.

Here are the details of extension of time limits notified vide Notification no. 35/2020 on 24 June 2020 under Income Tax :

  

1)31st July, 2020 is now the last date for filing of original as well as revised income-tax returns for the FY 2018-19 (AY 2019-20)
 
2) 30th November, 2020 is the last date for filing income-tax return for the FY 2019-2020 which was 31st July 2020 earlier and 31st October 2020. And 31st October, 2020 is the last date for furnishing tax audit report.
 
3)30th November, 2020 is the last date for payment of self-assessment tax in the case of a taxpayer whose self-assessment tax liability is up to ₹1 lakh, which is a great relief to small and middle class taxpayers. Also there will be no extension of date for the payment of self-assessment tax for the taxpayers having self-assessment tax liability exceeding Rs. 1 lakh
 
4) In cases where tax liability is exceeding Rs. 1 lakh, the whole of the self-assessment tax shall be payable by the due dates specified in the Income-tax Act, 1961 (IT Act) and delayed payment would attract interest under section 234A of the IT Act.