- Important income tax-related deadline in India
- The government has extended the deadline for filing ITR for 2018-19 fiscal
- New date by which employers should issue Form 16
The Indian Government has extended the deadline by which the Income Tax Returns (ITRs) for 2018-19 fiscal could be filed from 31st July to 30th September. This is the third time the Indian Government has extended the deadline for the Indian taxpayers to file both original and revised Tax Returns for the Fiscal Year 2018-19.
In March, the due date was extended from 31st March to June 30th, and then in June, the date was extended against to 31st July 2020.
The Income Tax Department said, “In view of the constraints due to the COVID-19 pandemic & to further ease compliances for taxpayers, CBDT extends the due date for filing of Income Tax Returns for FY 2018-19 (AY 2019-20) from 31st July, 2020 to 30th September, 2020,”.
Let us take a look at some more deadline related to Income Tax in India which you must know:
- The deadline for filing of revised Income Tax Returns (ITRs) for the Fiscal Year 2018-19 (AY 2019-20) has been extended to September 30.
- The last date for employers to issue Form 16 to their employees has been set as 15th of August 2020.
The Form 16 has the details of the total salary received by the employee from the employer, including the tax deducted by the employer and deduction availed by the employee. Form 16 also helps in filing ITRs. Employees who want to file their tax return or ITRs early can do so using their salary slips and Form 26AS.
- The government has also extended the last date of filing of the Income Tax Return for FY 2019-20 (AY 2020-21) to 30th November 2020.
- The last date for linking biometric Aadhaar with PAN the deadline was also extended till March 31 next year.
- Last month, the Indian government had extended the date for making investment, construction, purchase for claiming deduction in respect of capital gains under Sections 54 to 54GB of the Income Tax Act to September 30, 2020.
The Section 54 of the Income Tax Atc relates to tax exemptions available from capital gains if the capital gains are invested in the purchase or construction of q residential property. Therefore, the investment, construction, purchase made up to September 30, 2020, shall be eligible for claiming deduction from capital gains.
- Vivad Se Vishwas Scheme 2020 for the direct tax dispute resolution has been extended till December 31, 2020.
The Vivad Se Vishwas Scheme 2020 was announced in the Union Budget 2020 which will provide dispute resolution in respect of pending income tax litigation. Under this scheme, a taxpayer would be required to pay only the amount of the disputed taxes and will get a complete waiver of interest and penalty.