Analysis of extension of due dates under Income Tax

[Vivek Jalan]

Extension of due dates under Income Tax, 

Recently Central Government has issued Income Tax Notification No. 35/2020 on 24th June 2020 which relates to extension of Due dates under Income Tax Law. Article analyses all such extension of due dates in recent past-

A. Income Tax Due Dates Extension

 

Section	Compliance	Fresh Due Date
139	Last Date for Original & Revised IT Return for FY 18-19 Comments – – However the Fees u/s 234F For  belated return will apply\ – Interest u/s 234 A, B & C shall apply  subject to below	31st July 2020
139	ITR for FY 2019-20  Comments –   – It applies to all whether Original due  date is 31st July  or 31st October – Int u/s 234B & C shall be levied in all cases – Int u/s 234A shall apply subject to below – No penalty or fees upto reised due date	30th November 2020
Any	Last date of furnishing audit report for FY 2019-20 Comments – – For FY 18-19, the penalty u/s 271B @0.5% of Turnover or ₹ 1.5 Lakhs whichever is higher, shall apply – For FY 19-20, no penalty	31st October 2020
234A	Date for payment of self-assessment tax in the case of a taxpayer whose self-assessment tax liability is upto ₹ 1 lakh for FY 2019-20. Comment – Say Tax Liability for FY 19-20 is ₹ 1.1 Lakhs and out of which TDS Credit/Adv Tax/Other relief is ₹ 0.2L. In this case the said extension APPLIES as the present liability is less than ₹ 1 Lakh. However, one has to assesses the due amt. and pay the differential Advance Tax by the Original due date of Return.	30th November 2020
200 & 206C	Last Date of furnishing of TDS/TCS returns for Q4 of 2019-20 or Feb’20 & Mar’20	31st July 2020
203	Last date of issuing TDS certificates for FY 19-20	15th August 2020
	No Extension of Due date of payment of TDS for June 2020. It still remains 7th July 2020
	Interest on Delayed payment of TDS, TCS, Advance Tax and FA	9% upto 30th June 2020 12%/18% thereafter
54/ 54GB	For making investment/ construction/ purchase for claiming roll over benefit/ deduction in respect of capital gains under sections 54 or 54GB of the IT Act	30th September, 2020
10AA	Date for commencement of operation for the SEZ units for claiming deduction under section 10AA of the IT Act has also been further extended for the units which received necessary approval by 31st March, 2020.	30th September, 2020
	Date for passing of order or issuance of notice by the authorities and various compliances under various Direct Taxes & Benami Law which are required to be passed/ issued/ made by 31st December, 2020 has been extended	31st March, 2021
	Date for linking of Aadhaar with PAN	31st March, 2021
	Vivaad Se Vishwas Scheme – Declaration, Passing of Order, etc	31st Dec 2020
10(23C)/12AA/  35/80G	New procedure for Approval/ Registration	30th September 2020
Chp. VIA	Last date for investments under Chapter VI-A i.e. 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations) etc. for the FY 2019-20	31st July 2020