Alert! ITR filing deadlines extended: Important things taxpayers must know

The government on Wednesday (June 24) announced relief for taxpayers. Centre has extended the deadline for filing income-tax returns (ITR) for FY20 and FY 21. The new deadline for the fiscal year 2018-19 is July 31, 2020 while that for FY2019-20 is November 30, 2020. The decision came in the wake of coronavirus outbreak. The Central Board of Direct Taxes issued a notification informing about several other key decisions it has taken. Here is a look at some important things about the ITR filing deadline extension that you must know:

The time for filing of original as well as revised income-tax returns for the financial year 2018-19 (AY 2019-20) has been extended to July 31, 2020. The due date for the income tax return for the FY 2019-20 (AY 2020-21) has been extended to November 30, 2020. Hence, the returns of income which are required to be filed by July 31, 2020 and October 31, 2020, can be filed up to November 30, 2020. Consequently, the date for the furnishing of the tax audit report has also been extended to October 31, 2020.

The date for payment of self-assessment tax in the case of a taxpayer whose self-assessment tax liability is up to Rs 1 lakh has also been extended to  November 30, 2020. This decision will give major relief to small and middle-class taxpayers. 

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The date for making investment/ construction/ purchase for claiming rollover benefit/ deduction in respect of capital gains under sections 54 to 54GB of the IT Act has also been further extended to September 30, 2020. Therefore, the investment/ construction/ purchase made up to September 30, 2020, shall be eligible for claiming deduction from capital gains.

The date for making various investments/payments for claiming deduction under Chapter-VIA-B of the IT Act which includes section 80C (LIC, PPF, NSC, etc.), 80D (Mediclaim), 80G (Donations), etc has also been further extended to July 31, 2020.

The reduced rate of interest of 9% for delayed payments of taxes, levies, etc. specified in the Ordinance shall not be applicable for the payments made after June 30, 2020.