Income Tax Return Filing date extended! Check new deadlines to file ITR for FY20, FY19

Income Tax Return Filing date extended! Check new deadlines to file ITR for FY20, FY19

Income Tax Return Filing Deadline extended! The government on Wednesday extended the deadline for filing I-T returns for FY2018-19 by a month till July 31, 2020. The due date for income tax return for the FY 2019-20 (AY 2020-21) has also been extended to November 30, 2020. “Hence, the returns of income which are required to be filed by 31st July, 2020 and 31st October, 2020 can be filed upto 30th November, 2020. Consequently, the date for furnishing tax audit report has also been extended to 31st October, 2020,” the CBDT said in a statement.

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The government has also extended the date for payment of self-assessment tax in the case of a taxpayer whose self-assessment tax liability is upto Rs 1 lakh to 30th November, 2020. The move was taken to to provide relief to small and middle class taxpayers.

“However, it is 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. In this case, the whole of the self-assessment tax shall be payable by the due dates specified in the Income-tax Act, 1961 (IT Act) and delayed payment would attract interest under section 234A of the IT Act,” the CBDT said.

The government has also extended the date for making various investment/ payment for claiming deduction under Chapter-VIA-B of the IT Act which includes section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations) to 31st July, 2020. Now the investment/ payment can be made upto 31st July, 2020 for claiming the deduction under these sections for FY 2019-20.

Source:-financialexpress

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