Reportedly in a massive relief for taxpayers, the Central Board of Direct Taxation (CBDT) has extended the various time limits under direct tax and 'Benami' laws. As per the statement issued by CBDT, salaried individuals will now be able to file their income tax return till november 30, 2020. Similarly, small and medium taxpayers with up to Rs 1 lakh self-assessed liability can also file their IT returns by november 30.
In addition to extending the date for filing returns, the CBDT has also extended the deadline for linking PAN with Aadhaar till march 31, 2021. Taxpayers who could not make investment declarations for tax deductions under exemptions could do so till July 31 for Assessment Year (AY) 2019-20. The time for filing original as well as revised income for FY2018-19 (AY 2019-20) has also been extended till July 31, 2020. Meanwhile, the due date for the income tax return for FY2019-20 (AY 2020-21) now stands extended to november 30, 2020. Income tax returns to be filed by July 31 and october 31, can now be filed by november 30 of this year.
The filing date for the tax audit report has also been extended to october 31, 2020. However, there has been no extension of the date for payment of self-assessment tax for those with self-assessed tax liability exceeding Rs 1 lakh. The date for commencement of operations for Special Economic Zone (SEZ) units for claiming deductions or furnishing Tax Deducted at Source (TDS)/ Tax Collected at Source (TCS) statements and issuance of TDS/TCS certificates has also been extended.
