Income Tax: Extension of Time Limits and Compliance

The Central Board of Direct Taxes (CBDT) on 24th June, 2020 vide Notification No. 35/2020, extended the due dates under various sections of the Income Tax, 1961 (hereinafter referred to as “The Act”).

The key extracts of extension of time limits and compliances are as follows:

1. The Due date for furnishing Return of Income for the F.Y. 2018-19 (A.Y. 2019-20) has been extended upto 31st July, 2020

2. The Due date for furnishing Return of Income for the F.Y. 2019-20 (A.Y. 2020-21) has been extended upto 30th November, 2020.

3. In Case of an Office of Government, Due date for furnishing Statement of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) has been extended upto 15th July, 2020.

4. In Case of Other than an Office of Government, Due date for furnishing Statement of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) has been extended upto 31st July, 2020.

5. The Due date for Furnishing of Certificate of Deduction or Payment of Tax under Section 192 (Form 16) of the Act has been extended upto 15th August, 2020.

6. No Interest u/s 234A (Interest for defaults in furnishing return of income) of the Act for the F.Y. 2019-20 (A.Y. 2020-21) where Self Assessment Tax is upto Rs. 1 Lakh.

The above mentioned Notification shall come into Force from 30th June, 2020

To View the Notification: CLICK HERE

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