The date for making various investment and payment for claiming deduction under 80C, 80D and 80G has also been further extended to July 31.
The government on Wednesday said the due date for filing income tax return this year will be November 30 as time limits have been extended on various statutory and regulatory compliance requirements further in view of the challenges faced by taxpayers due to the outbreak of the coronavirus.
The government had earlier brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 on March 31 to extended various time limits. The decision was taken as people were facing issues in meeting the statutory and regulatory compliance requirements across sectors due to COVID-19 pandemic.
The government on Wednesday issued another notification which further extended limits on various compliance requirements.
Under the notification, the time for filing of original as well as revised income-tax returns for the FY 2018-19 (AY 2019-20) has been extended to July 31, 2020.
Due date for the income tax return for the FY 2019-20 (AY 2020-21) has been extended to November 30, 2020, it said.
"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 Ministry of Finance said.
Besides, the date for payment of self-assessment tax in the case of a taxpayer whose self-assessment tax liability is upto Rs 1 lakh has also been extended to November 30. This will benefit small and middle-class taxpayers.
However, 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.
The date for making various investment and payment for claiming deduction under Chapter-VIA-B of the IT Act which includes section 80C (LIC, PPF, NSC), 80D (Mediclaim) and 80G (Donations) has also been further extended to July 31. Hence the investment and payment can be made upto July 31 for claiming the deduction under these sections for FY 2019-20.
The date for making investment, construction, purchase for claiming roll over benefit and deduction in respect of capital gains under sections 54 to 54GB of the IT Act has also been further extended to September 30, 2020.
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