Date to file revised, belated income tax returns for FY 2018-19 extended to September 30


The government has formally extended the date to file revised, belated income tax returns for the financial year 2018-19, to September 30, 2020 from the earlier date of July 31, 2020. It has also provided relaxations for senior citizens on interest payments on self-assessment tax.


The Central Board of Direct Taxes issued a notification to the effect dated July 29. The finance ministry had announced the relaxation among several others on June 24.


“Provided also that for the purposes of the second proviso, in case of an individual resident in India referred to in sub-section (2) of section 207 of the Income-tax Act, 1961 (43 of 1961), the tax paid by him under section 140A of that Act within the due date (before extension) provided in that Act, shall be deemed to be the advance tax," the Board said.


For senior citizens not having business or income from profession will not be required to pay advance tax, in accordance with Section 207 for assessment year 2020-21, assuming original due date July 31, 2020.


Officials said that if there’s a shortfall in tax to be paid is upto Rs 1 lakh as on April 1, 2020, it can be paid before filing return of income on or before November 30, 2020. In this case, no interest will be charged under section 234A, but interest will apply if the amount is more than Rs 1 lakh.


“However interest will not apply if self-assessment tax is paid by July 31, 2020 that reduces the shortfall to Rs 1 lakh and then return is filed by Nov 30, 2020,” the official said.



The extension will reduce hardship of taxpayers, said experts, amid challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of Covid-19.


Notification link: https://incometaxindia.gov.in/communications/notification/notification_56_2020.pdf


Source: economictimes.indiatimes.com


#itrduedates #allabouttaxes #incometaxupdates #camanojgutpa

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