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Income Tax Alert! 5 Tax Deadline Extensions Announced Amid COVID-19 Crisis
Highlights
This is the third time the extensions are announced to relieve COVID-19 lockdown-induced hardships.
The Income Tax department (I-T) has revised the due dates for filing tax returns, Aadhaar-PAN linking and making tax-saving investments. This is the third time the extensions are announced to relieve COVID-19 lockdown-induced hardships. If keeping a tab on all the deadlines confuses you, here is something at your fingertips to help you avoid missing any date.
TAX DEADLINES AND PENALTY DETAILS
| Tasks | Actual Deadline | Revised Deadline | Penalty Details |
| Claiming tax deductions under different sections of Chapter VIA-B, including tax-saver investments under section 80C for the fiscal year 2019-20 | March 31 (Was earlier extended to June 30 in May) | July 31, 2020 | If you had not made tax-saver investments on time, your employer is likely to have deducted additional tax for FY 2019-20. you will not be able to claim any refund if you miss the extended deadline |
| Filing tax returns for the assessment year 2020-21 (FY 2019-20) | July 31 | November 30, 2020 (FM Nirmala Sitharaman Announced in May) | The penalty for taxable income of up to Rs 5 lakh is Rs 1,000. For others, it may vary between RS 5,000 to RS 10,000 |
| Filing tax returns for the assessment year 2019-20 (FY 2018-19) | March 31, with a penalty. | July 31, 2020 | If you miss this date, you will be able to file income tax returns only after attaining approval from income tax authorities |
| Investment, construction or purchase of property for claiming deductions from capital gains under sections 54 to 54GB | As applicable | September 30, 2020 | If you booked long-term capital gain on sale of the property, it can be exempt from tax if you buy another house property or invest in specified long-term bonds, subject to conditions. If you fail to do so before the extended due date, you will have to forgo the tax benefit |
| Issue of TDS certificates (including Forms 16 for employees) | June 15 | August 15, 2020 | This is for employers and entities like banks that deduct tax at source. Who needs to meet the deadlines |
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