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 30-Nov-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 31st Dec, 2020 10th Jan, 2021. The original due date for the same was 31st July, 2020.
Latest News | ITR Filing Deadline Extended :
The deadline for to file Income Tax Return for FY 2019-20 / AY 2020-21 for individuals has been extended to 10th Jan, 2021 (from the current deadline of 31 Dec 2020).
The extension of the deadline is for those individuals whose accounts are not required to be audited and who usually file their ITR using ITR-1 and ITR-4 forms.
The deadline for other tax payers whose accounts are required to be audited has been extended to 15th Feb, 2021.
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!
Continue reading:
- Income Tax Deductions List FY 2020-21 | New Vs Old Tax Regime AY 2021-22
- How to save Capital Gains Tax on Sale of Land / House Property?
- Income Tax Return of Deceased person | How to file ITR for the deceased as a Legal Heir?
(Post first published on : 04-July-2020)
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Dear Sir,
Good Morning,
I have income from Salary + FD Interest+ NCD Interest all these are come under income from under source so i am using ITR-1
But i have also income from ELSS Mutual fund but Capital gain Rs 60000 which is below Rs 1 Lac (exemption limit) so can i use for that ITR-1 ??
if not then which ITR i should use please Guide
In Oct 2019 PDCC bank deducted TDS on my matured FD. Uptil today not appearing in 26AS. What is last date for bank to deposit deducted TDS with IT Dept ?
Dear TJR,
15-Aug-2020 was the deadline.
Suggest you to escalate this issue with concerned banking ombudsman..
Hi Sir,
In e-filing site , last date for investment is showing 30.06.2020.
I want to add some portion in 80c which was left as i was not aware of 30jun deadline.
Now as per your update, if date is revised to 31st july then e-filing site must be updated.
Now I’m confused, whether to invest in 80c or not, for FY19-20?
Dear Anupam,
You may go through this Notification (point no. VI)
Hello Sreekanth
Hope all is well with you? I have been eagerly waiting for your blogs but it seems you have not been able to find time lately to write. Not sure if you kept your followers informed but hoping all okay with your end.
Stay Safe.
Dear Vinay,
I am doing good and thank you for your concern.
Hope you and your loved ones are safe and healthy!
I had informed about my STATUS to my social media followers.
Anyways, I am now trying my best to publish articles 🙂
Take care!