The new deadlines for tax saving investments, income tax returns, and linking PAN with Aadhaar
- The government has yet again deferred the deadlines for filing tax returns, linking the Aadhaar card to the PANS (Permanent account Number) and other compliances.
- On Wednesday (June 24), the Central Board of Direct Taxes (CBDT) said that the final date for filing income tax returns for the 2018-19 fiscal has been extended by a month.
- The taxpayers can now submit the revised ITRs by July 31, 2020.
- Those who are planning to get their PAN Card (Permanent Account Number) linked to Aadhaar can do it by March 31, 2021.
Major relief for taxpayers!CBDT issues Notification no S.O. 2033(E) dated 24th June, 2020 on Taxation & Other Laws… https://t.co/4d21Kfoyk2— Income Tax India (@IncomeTaxIndia) 1593015647000
On Wednesday (June 24), the Central Board of Direct Taxes (CBDT) said that the final date for filing income tax returns for the 2018-19 fiscal has been extended by a month. The taxpayers can now submit the revised ITRs by July 31, 2020.
|Revised income tax filing FY19||July 31, 2020|
|Income tax returns FY20||November 30, 2020|
|Linking PAN with Aadhaar Card||March 31, 2021|
|Issuing TDS/TCS certificates||August 15, 2020|
On the other hand, the board said that those who are planning to get their PAN Card (Permanent Account Number) linked to Aadhaar can do it by March 31, 2021. Earlier, the deadline to link the two documents was June 30 — failing which, they will be required to pay a penalty of ₹10,000, according to the Income Tax Act. The PAN Card will be considered inoperative, if it is not linked to the Aadhaar Card.
In March, the Finance Minister Nirmala Sitharaman had extended the last date for filing tax returns and submitting the tax saving documents. “Government extends various time limits under the direct tax, benami laws, providing further relief to taxpayers for making compliances under these laws. Time limits had earlier been extended by taxation and other laws ordinance on March 31, 2020, the income tax department said.
The deadline for filing income tax returns for FY20 has been extended to November 30 from July 31, 2020 — giving the taxpayers more time to prepare and file their tax saving investments.
That means, the taxpayers will have to file their TDS (tax Deduction at Source) certificate before July 31 now to proceed with the income tax filing process. Usually, the TDS returns are to be filed by May 31 as per the income tax laws — after which the Form 16 is issued. However, this time the government had extended the deadlines for tax saving submissions due to the COVID crisis, adding that this should not be taken as an extension to the financial year.
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