Deadline for ITR Filing, Aadhaar-PAN Linkage Extended Again; Check All New Timelines Here

Offering a major relief to taxpayers amidst COVID 19 pandemic, the Central Board of Direct Taxes (CBDT) has extended essential timelines related to Direct Taxes and Benami Taxes on June 24, 2020. In effect, the new deadline for filing income tax returns for financial year 2018-19 is September 30, 2020 for both original as well as revised ITRs. As for, ITR for FY2019-20 the revised deadline is November 30, 2020.

The last date for Linking PAN Card with Aadhar Card is now March 31, 2021. More than dozen tax related timelines are adjusted in the latest announcement. The move is aimed to ease the troubles of taxpayers during pandemic, said the CBDT press statement.

Here is a quick run through of new taxation related deadlines followed by FAQs.

Table: Revised Timelines, as announced by CBDT on 24 June, 2020

Highlights of CBDT’s press statement:

• The last date for filing of Income-Tax Return (ITR) for the Financial Year (FY) 2018-19 (Assessment Year (AY) 2019- 20) has been extended to September 30, 2020. This is deadline for both original as well as revised ITR applications.
• Also, last date for ITR filing for the FY 2019-20 (AY 2020-21) is now November 30, 2020. This eventually means that ITR which were to be filed by July 31 and October 31, 2020 respectively can be now filed till 30th November, 2020. Thus, the deadline for Tax Audit Report has been set on October 31, 2020.
• For small and middle class taxpayers, the last date for payment of Self Assessment Tax up to Rs. 1 lakh has been extended to November 30, 2020. No extension is provided to those whose self-assessment tax liability is more than Rs. 1 lakh.
• The date for making various investments for deduction under Chapter-VIA-B of the IT Act including sections 80C (LIC, PPF, NSC etc.), 80D (Health insurance/ mediclaim), 80G (Donations) etc for FY 2019-20 has been extended till July 31, 2020.
• Likewise, the last date for investment/ construction/ purchase for roll over benefit/ capital gain deduction under sections 54 to 54GB of the IT Act is extended till September 30, 2020.
• In one of the key relief decisions for small business units, the date for starting operations for SEZ units so that they can claim deduction under section 10AA of the IT Act has been extended to September 30, 2020. This relaxation is for the units which have received necessary approvals by March 31, 2020.
• For FY 2019-20, the date for furnishing of TDS/ TCS statements and issuance of TDS/ TCS certificates has been extended to July 31, 2020 and August 15, 2020 respectively.
• The last date for passing of order or issuance of notice by authorities and various compliances (for Direct Taxes & Benami Law ) has been extended to March 31, 2021 from December 31, 2020.
• The last date for linking Aadhaar with PAN is extended till March 31, 2021.
• June 30, 2020 is the last date to avail of reduced rate of interest of 9% for delayed payments of taxes, levies etc.

Besides these, previously Finance Minister Nirmala Sitharaman had already announced extension of last date for making payment without additional charge under “Vivad Se Vishwas” Scheme to December 31, 2020. The related legislative amendments will be observed in due course of time. It also extended the date for completion/ compliance of the actions to December 31, 2020.

The new taxation procedure for approval/ registration/ notification of certain entities u/s 10(23C), 12AA, 35 and 80G of the IT Act has already been deferred till October 1, 2020. The old procedures will continue to apply for period ranging from June 1, 2020 to September 30, 2020. Necessary legislative amendments will be moved in due course of time.

For the period from May 14, 2020 to March 31, 2021, the rate of TDS for specified non-salaried payments to residents and specified TCS rates by 25% has already been reduced by the FM.

Frequently Asked Questions (FAQs)

✅ Is ITR filing date extended?

Yes. ITR filing dates have been revised in the backdrop of disrupted financial activity due to COVID 19 pandemic and subsequent lockdowns. The last date for filing of Income-Tax Return for FY 2018-19 is September 30, 2020 and the last date for filing ITR for FY 2019-20 is November 30, 2020.

✅ What is the last date for payment of self assessment tax?

Self Assessment Tax should be paid before filing income tax return. This year, however due to pandemic the date for filing ITR has been extended as an unprecedented move. The last date for payment of Self Assessment Tax for liabilities up to Rs. 1 lakh is November 30, 2020 while those with higher than Rs. 1 lakh tax liability, no extension is being provided.

✅ What is the last date for filing FY 2019 20?

As per the latest CBDT statement, the income tax return (ITR) filing deadline for FY 2019-20 (i.e. AY 2020-21) is now November 30, 2020. Earlier this deadline was extended till July 31, 2020.

✅ Is TDS payment date extended?

Yes. The date for furnishing of TDS/ TCS statements and issuance of TDS/ TCS certificates in Form 16 or Form 16A for FY 2019-20 are extended to July 31, 2020 and August 15, 2020 respectively.

✅ Can we file ITR for AY 2019-20 now?

Yes, you can file Income-Tax Return for FY 2018-19 i.e. AY 2019-20 till July 31, 2020 as the government has extended the deadlines due to COVID 19 pandemic.

✅ Can I file income tax return for AY 2020-21 now?

Yes, you can file ITR for AY 2020-21 i.e. FY 19-20 till November 30, 2020 as government has extended last date for filing tax returns due to pandemic.

✅ Who can file TDS return?

TDS is acronym for Tax Deducted at Source. This is basically the amount that is deducted from various payments like salary, contract payment, commission brokerage, professional fees, royalty, contract payments etc. The entity that deducts TDS is called “deductor” and whose tax is deducted is “deductee.” This deducted TDS needs to be adjusted against the due tax due later on. Thus each payer/deductor is liable to file TDS return.