Posted by The Central Government last Wednesday provided further relief to taxpayers by extending statutory and regulatory compliance deadlines, which were set to expire by June-end.
Extensions ranging between one month and three months have been granted on filing income tax returns, filing audit reports, making investments in savings instruments under income tax, issuing of Form 16 by companies to employers besides issuing notices or orders by authorities under various direct taxes and Benami Law. Deadline for linking PAN with Aadhaar has also been extended by three months.
- Returns of income required to be filed by July 31, and October 31, can be filed to November 30, since due date for IT return for the FY 2019-20 or assessment year 2020-21 has been extended to November 30, 2020. Therefore, tax audit report can be furnished by October 31, 2020.
- Self-assessment tax with liability up to Rs 1 Lakh can be paid till November 30, but no extension has been granted to those having liability of over Rs 1 lakh, and delayed payment would attract the applicable rate of interest. This will provide relief to small and middle class taxpayers.
- Taxpayers can make investments in various savings instruments such as National Savings Certificate, Public Provident Fund, National Pension Scheme, mediclaim insurance schemes and donations for income tax rebate for FY 2019-20, till July 31. The earlier deadline was June 30.
- Consequently, the date for linking of Aadhaar with PAN would also be extended to 31st March, 2021, the CBDT has clarified.
- The reduced rate of interest of 9% for delayed payments of taxes, levies, etc. shall not be applicable for the payments made after June 30, 2020.
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