On 24 June 2020, the Central Board of Direct Taxes of India has published a Notification No 35/2020 of 24 June 2020 providing the following extension of time limits under the Income Tax Act and related Acts due to COVID-19.
- 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 31st July, 2020 (extended from 30 June 2020)
- Due date for income tax return for the FY 2019-20 (AY 2020-21) has been extended to 30th November, 2020. Hence, the returns of income which are required to be filed by 31st July, 2020 and 31st October, 2020 can be filed upto 30th November, 2020. Consequently, the date for furnishing tax audit report has also been extended to 31st October, 2020.
- The date for making various investment/ payment for claiming deduction under Chapter-VIA-B for tax year 2020-21 has been further extended to July 31, 2020.
- The date for making investment/ construction/ purchase for claiming roll over benefit/ deduction in respect of capital gains under sections 54 to 54GB of the IT Act has been further extended to September 30, 2020.
- The date for commencement of operation for the units in special economic zones for claiming deduction under section 10AA of the IT Act has been further extended to September 30, 2020 for the units which received necessary approval by March 31, 2020.
- The date for furnishing of TDS/ TCS statements and issuance of TDS/ TCS certificates in Form 16 / 16A pertaining to tax year 2020-21 has been extended to July 31, 2020 and August 15, 2020, respectively.
- The reduced rate of interest of 9% p.a. for delayed payments of taxes, levies etc. specified in the Ordinance shall not be applicable for the payments made after June 30, 2020.
- The date of furnishing of declaration, passing of order etc under the “Vivad Se Vishwas” Scheme stand extended to December 31, 2020.
