Income Tax Update: Further extension in tax compliance deadlines
Blog: NASSCOM Official Blog
In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements due to the outbreak of Novel Corona Virus (COVID-19), the Government has further extended time limits for making various compliance under the Income Tax Act.
Summary of the announcements is provided below:
| S.No. | Particulars | Extension/ Relief |
| 1. | Filing original and revised income-tax returns for the FY 2018-19 (AY 2019-20) | July 31, 2020 |
| 2. | Due date of income tax return for the FY 2019-20 (AY 2020-21)
Due date for furnishing tax audit report |
November 30, 2020
October 31, 2020 |
| 3. | Payment of self-assessment tax for taxpayer whose self-assessment tax liability is upto Rs. 1 lakh | November 30, 2020 |
| 4. | Making investment/payment for claiming deduction under Chapter-VIA-B of Income Tax Act (IT Act) | July 31, 2020 |
| 5. | Making investment/construction/purchase for claiming roll over benefit/deduction in respect of capital gains u/s 54 to 54GB | September 30, 2020 |
| 6. | Commencement of operation by SEZ units for claiming deduction u/s 10AA | September 30, 2020 for units which received approval by March 31, 2020 |
| 7. | Furnishing TDS/ TCS statements for FY 2019-20
Issuance of TDS/ TCS certificates for FY 2019-20 |
July 31, 2020
August 15, 2020 |
| 8. | Passing order/issuance of notice under various direct taxes &
Benami Law (required to be passed by December 31, 2020) |
March 31, 2021 |
It has also been clarified that necessary legislative amendments relating to deferment of implementation of new procedure for approval/ registration/ notification of certain entities u/s 10(23C), 12AA, 35 and 80G of the IT Act and reduction in TDS rate for specified non-salaried payments to residents and specified TCS rates by 25% shall be moved in due course of time.
Extension of sunset clause by another 3 months for units approved before March 31, 2020 is a welcome move. Due to disruption caused by COVID-19, there has been a restriction on the movement of people and goods. As a result, shipments for IT infrastructure have been delayed. As a result, the industry’s ability to set up IT-ITES operations by March 31, 2020 was severely impacted. This will remove hardships faced by such units.
Copy of the press release is attached for your reference.
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