InvestorQ : What are the new deadlines issued by the Central Board of Direct Taxes(CBDT) for various tax compliances?
sanjana Tulsiani made post

What are the new deadlines issued by the Central Board of Direct Taxes(CBDT) for various tax compliances?

Answer
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Purvesh answered.
3 months ago


As per the notification issued by the Central Board of Direct Taxes (CBDT), the deadlines for meeting various tax compliances have been extended keeping in mind the present circumstances caused due to the coronavirus pandemic. These are new deadlines, therefore earlier ones shall be invalid:

-The deadline for making tax-saving investment and expenditure has been further extended to 31st July 2020 from 30th June 2020.

-The due date for issuance of TDS/TCS certificates stands extended to 15th August 2020. While the date for furnishing TDS/TCS statement has been extended to 31st July 2020.

-The time limit for filing revised/original ITRs for the FY 2018-19 (AY 2019-20) has also been extended to 31st July 2020.

-The due date for payment of self-assessment tax in case of a taxpayer whose self-assessment tax liability is up to Rs. 1 lakh shall be further extended till 30th November 2020. However, no relief to be provided to taxpayers with self-assessment tax liability exceeding Rs. 1 lakh.

-CBDT has also extended the due date for making investment/purchase /construction to claim rollover benefit/deduction in respect of capital under sections 54 to 54GB of the Income-Tax Act to 30th September 2020. This means any investment made in this regard till 30th September shall be eligible for deduction.

-Due date for filing income –tax return has already been extended to 30th November 2020 in place of 31st July 2020 and 30th October 2020.

-Date of passing order or issuance of any notice by the authorities and several compliances under the direct tax & Benami Law which were earlier required to be made till 31st December 2020 has now stands extended to 31st March 2021. Therefore, the due date for linking one’s PAN card with Aadhaar Card has also been extended to 31st March 2021.

-In lieu of delayed payments, CBDT has issued a notification that taxpayers shall be charged a reduced rate of 9%. However, it shall not be applicable for payments made after 30th June 2020.

-The due date for SEZ units for commencing operations to claim deduction u/s 10AA has also been extended to 30th September 2020, for units which received approval by 31st March 2020.