ITR filing deadline for FY19 extended till July 31; PAN-Aadhaar linkage till March 2021


NEW DELHI: In view of the challenges faced by the taxpayers in meeting statutory and regulatory compliance requirements due to the outbreak of the novel coronavirus, the Central Board of Direct Taxes (CBDT) on Wednesday extended the deadline for filing income tax returns (ITR) for the 2018-19 fiscal by a month till July 31, 2020. It has also extended the time limit for linking biometric Aadhaar with PAN (permanent account number) till March 31, 2021.
“Government extends various time limits under the direct tax & benami laws, providing further relief to taxpayers for making compliances under these laws. Time limits had earlier been extended by taxation and other laws ordinance on March 31, 2020,” the income tax department said in a tweet.

Here are the key points from the notification:
* Time for filing original as well as revised income tax returns for FY 2018-19 (AY 2019-20) has been extended to July 31, 2020.
* Due date for ITR for FY 2019-20 (AY 2020-21) has been extended till November 30, 2020.
* Time limit for making various investments for claiming deductions under the I-T Act for the 2019-20 fiscal has been extended by a month till July 31, 2020.
* Furnishing of TDS (tax deducted at source)/ TCS (tax collected at source) statements and issuance of TDS/ TCS certificates pertaining to FY 2019-20 has been extended to July 31 and August 15, respectively.
* The date for passing of order or issuance of notice by the authorities and various compliances under various direct taxes and benami law, which were required to be made till December 31, 2020 has been extended till March 31, 2021. Consequently, date for linking Aadhaar and PAN would also be extended till March 31, 2021.
* Date for payment of self-assessment tax for taxpayers whose self-assessment liability is up to Rs 1 lakh has been extended to November 30, 2020. However, it has clarified that 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.
* Due date for making investment/ construction/ purchase for claiming roll over benefit or deduction in respect of capital gains under section 54GB has been further extended to September 30.
* Date for commencement of operation for the SEZ units for claiming deduction under section 10AA of the I-T Act has been further extended to September 30, 2020.
* The date for passing of order or issuance of notice by the authorities and various compliances under various direct taxes and benami law, which were required to be made till December 31, 2020 has been extended till March 31, 2021. Consequently, date for linking Aadhaar and PAN would also be extended till March 31, 2021.
Finance minister Nirmala Sitharaman while announcing the government’s Rs 20 lakh crore economic package last month, had reduced TDS rate for specified non-salaried payments to residents and specified TCS rates by 25 per cent for the period from May 14, 2020 to March 31, 2021 to provide more funds at the disposal of the taxpayers.
(With PTI inputs)





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