The Income Tax (IT) department has recently revised the AY 2020-21 Income Tax deadlines (due dates) for filing tax returns, making tax-saving investments and Aadhaar-PAN linking.
This is the third round of extensions announced to alleviate COVID-19 lockdown-induced hardships.
AY 2020-21 Income Tax Deadlines
Let’s go through the all important tax deadline extensions you must know about..!
What is the deadline for filing income-tax returns (ITR) for the FY 2018-19 / AY 2019-20?
The new deadline for filing income-tax returns (ITR) for the FY 2018-19 / AY 2019-20 is
July 31, 2020 30th Sep, 2020 (latest revised date). The original due date for the same was 31st March, 2020.
This new deadline is applicable for filing of original as well as revised income-tax returns for the FY 2018-19
When is the due date for filing Income Tax Returns (ITR) for the FY 2019-20 / AY 2020-21?
The new deadline for filing income-tax returns (ITR) for the FY 2019-20 / AY 2020-21 is 30th November, 2020. The original due date for the same is 31st July, 2020.
What is the due date for furnishing Income Tax audit report for FY 2019-20?
The deadline for furnishing tax audit report (if any) has been extended to 31st October, 2020
What is the last date for making Tax Deductions / Investments to claim Tax deductions for FY 2019-20?
The deadline for making various investment/ payment for claiming tax deduction under Chapter-VIA-B of the IT Act which includes section 80C (Life Insurance Premium, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations) etc., has also been further extended to 31st July, 2020.
Kindly note that, any tax-saving investment between April and July period, is eligible for deduction either in the FY 2019-20 or FY 2020-21.
You can choose the financial year in which you want to claim the benefits. However, ensure that you don’t claim the deduction for one investment in both the financial years.
If you are opting for the new tax regime for FY 2020-21 / AY 2021-22, then most of these tax deductions won’t apply.
What is the deadline to issue Form 16 / TDS Certificates?
Employers have to issue Forms 16 by 15th August, 2020.
What is the new deadline for Aadhaar – PAN linking?
The due date for linking of Aadhaar with PAN is now extended to 31st March, 2021.
When is the due date to claim tax deduction from capital gains u/s 54?
The date for making investment/ construction/ purchase for claiming roll over benefit/ deduction in respect of capital gains under sections 54 to 54GB of the IT Act has also been further extended to 30th September, 2020.
Therefore, the investment/ construction/ purchase made up to 30th September, 2020 shall be eligible for claiming deduction from long-term capital gains.
It is advisable to adhere to these deadlines to avoid penalties and undue hardships!
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(Post first published on : 04-July-2020)