Revised due dates under the Income Tax Act, 1961 amid corona virus spread.

The government has passed an ordinance on 31^st March, 2020 to relax the various due dates for compliances, deposit of tax with reduced interest rates, making investments, completion of proceedings etc. which are falling due from 20^th March to 29^th June, 2020 and thereby dates for those compliances, deposit of tax or completion of proceedings are 30^th June, 2020. The dates were extended keeping in view the increasing covid spread impact in the country.

The central government, considering the long standing impact of Covid spread, has again issued a notification on 24^th June, 2020 and thereby again extended the due dates for those compliances. So now we will discuss the revised due dates or dates with some relaxations.

Revised Dates

Completion of any proceeding or passing of any order or issuance of any notice, intimation, notification, sanction or approval or such other action, by whatever name called, by any authority, commission or tribunal, by whatever name called, under the provisions of the income tax act and filing of any appeal, reply or application or furnishing of any report, document, return, statement or such other record, by whatever name called, under the provisions of the income tax act, which are falling due to be completed between 20^th March, 2020 to 31^st December, 2020 shall be completed before 31^st March, 2021. If we say in simple words, all compliances by assessee or by department which are due to be filed from 20^th March, 2020 to 31^st December 2020, shall be completed before 31^st March, 2021.

However, there is an exception to this extension in respect of following items

• Last date for filing original or revised income tax return for A Y 2019-20 (related to Financial year 2018-19) is 31^st July, 2020.
• The due date (under section 139(1)) for filing income tax return for A Y 2020-21 (related to Financial year 2019-20) is 30^th November, 2020, however if the self-assessment tax payable is exceeding INR 1,00,000, then interest u/s 234A will apply after the original due date (i.e. 31^st July for non-audit cases and 31^st October, for audit cases).
• Last date of filing TDS and TCS statement for the month/Quarter of February, 2020/March, 2020 (for Government office, without challan) is 15^th July, 2020.
• Last date of filing TDS and TCS statement for the month/Quarter of February, 2020/March, 2020 is 31^st July, 2020.
• Last date of providing certificates in respect of TDS deducted from salary in financial year 2019-20 is 15^th August, 2020.
• Last date of making investment or completion, as the case may be, as required under section 54 to 54GB the last due date of which is falling from 20^th March to 29^th September, 2020 is 30^th September, 2020.
• Last date of making payment as required under section 80C to 80GGC, the last due date of which is falling from 20^th March to 30^th July, 2020 is 31^th July, 2020.
• Last date of furnishing of any audit report under any provisions of the income tax act for the assessment year 2020-21 shall be 31^st October, 2020.
• Last date for completion or making compliance of scheme Direct Tax Vivad se vishwas .Direct tax dispute resolution scheme) is 31^st December, 2020 without additional 10% of disputed tax or 5% penalty.

Table showing the revised dates

Name of Compliance	Original Due Date	Extended due date (vide 24th June, 2020 notification).	Remarks
Completion of any proceeding or passing of any order or issuance of any notice, intimation, notification, sanction or approval or such other action, by whatever name called, by any authority, commission or tribunal.	Due to be completed between 20th March to 31st December, 2020.	31st March, 2021.	This inter-alia includes notices notice u/s 148, completion of assessment u/s 143(3) or 147, issuing any intimations, sanction for 80G or 12A etc.
Filing of any appeal, reply or application or furnishing of any report, document, return, statement or such other record, by whatever name called.	Due to be completed or filed between 20th March to 31st December, 2020.	31st March, 2021.	This inter-alia includes filing of appeal to CIT(A) or ITAT, High court etc., rectification or application, statement of TDS/TCS/ Equalisation levy, SFT return, transfer pricing statements etc.
Belated ITR for A Y 2019-20 (or revision of return)	31st March, 2020	31st July, 2020
ITR for A Y 2020-21 u/s 139(1).	31st July, 2020 (for non-audit) and 31st October, 2020 (for audit cases).	30th November, 2020	There is no change in date of furnishing audit ITR and report for transfer pricing u/s 92E which is 30th Nov,2020..
Various Audit reports under the income tax act. Viz Section 10, 10A, 12A, 32AB, 33AB, 33ABA, 35D, 35E, 44AB etc.	30th September, 2020.	31st October, 2020	There is no change in date of furnishing audit ITR and report for transfer pricing u/s 92E which is 30th Nov,2020.
TDS and TCS statement for month/quarter of February/ March, 2020.	31st /15th May, 2020	31st /15th July, 2020
TDS certificates for F Y 2019-20 (salary cases).	15th June, 2020	15th August, 2020.
Investment/ completion of construction/ Payment u/s 54 to 54GB falling due between 20th March to 29th September, 2020.	As per the time expiring from relevant due dates between 20th March to 29th September, 2020	30th September, 2020.
Payment/ Investment u/s 80C to 80GGC is falling from 20th March to 30th July, 2020.	As per the last dates falling between 20th March to 30th July, 2020	31st July, 2020.
Direct Tax Vivad se Vishwas Scheme, 2020	31st March (without additional 10%/5%) and 30th June (with additional 10%/5%)	31st December, 2020	There is no requirement of additional payment of 10% tax or 5% penalty.
Any form, statement, application or return not mentioned separately under the above table, is required to be filed on the basis of entry at serial no. 2 i.e. by 31st March, 2021 which is falling due to file of complete between 20th March, 2020 to 31st December, 2020.

 

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On July 24, 2020   /   Education, Income Tax, News