You now have more time to file your tax returns. Union Finance Ministry has notified fresh due dates for filing tax returns for FY19 (April 2018 to March 2019) and FY20 (April 2019 to March 2020). You also have more time now for making investments to claim tax deductions for FY20 and for linking your permanent account number (PAN) with your Aadhaar.

The due date for the income tax return for the FY20 has been extended to November 30, 2020. Taxpayers will also get one extra month to file income tax returns for FY19, which till the end of July 2020.

Meanwhile, taxpayers can make investments to claim the Rs 1.5 lakh deduction under section 80C and 80 D from taxable income till the end of July 20. This is for claiming the deduction under these sections for FY20.

The Central Board of Direct Taxes said the due date for making investments for claiming deductions with respect to capital gains has also been extended to the end of September.

Also, the due date for linking Aadhaar and PAN has now been extended to March 2021. The earlier deadline was the end of June 2020.

In order to provide relief to small and middle class taxpayers, the date for payment of self-assessment tax in the case of a taxpayer whose self-assessment tax liability is upto Rs 1 lakh has also been extended to November 30, 2020.

Do note that there is no further extension for payment of taxes. All taxpayers need to deposit tax due by June 30, 2020 to take advantage of extension provided by earlier Ordinance and concessional rate of interest. In case of non-payment of taxes by June 30, 2020, all the interest and penal provisions will apply.

Furnishing of the TDS (Tax deducted at source) / TCS (Tax collected at source) statements and issuance of TDS/ TCS certificates are the prerequisite for enabling the taxpayers to prepare their return of income for FY 2019-20. Naturally, the date for furnishing of TDS/ TCS statements and issuance of TDS/ TCS certificates pertaining to the FY20 has been extended to July 31, 2020 and August 15, 2020 respectively.

Meanwhile, 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 September 30, 2020. This means the investment/ construction/ purchase made up to September 30 will be eligible for claiming deduction from capital gains.

Kumar Shankar Roy

Kumar Shankar Roy is contributing editor with RupeeIQ. Kumar is a financial journalist, with a functional experience of 15 years. He tracks mutual funds, insurance, pension, PMS, fixed income/debt and alternative investments markets closely. He has worked for The Times of India, The Hindu Business Line, Deccan Chronicle Group, DNA, and Value Research, among others, across different cities in India. He is deeply interested in marrying data insights with actionable opinion. He can be contacted at [email protected]

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