This is the last month for filing the income tax return (ITR) for financial year 2018-19 (assessment year 2019-20). Last week, the Income Tax Department extended the due date for assessees to file their returns for for the income earned between April 1, 2018 to March 31, 2019 by one month, to July 31, 2020. The deadline for filing income tax returns (ITRs) for financial year 2019-20 is November 30. Therefore, the return of income earned between April 1, 2019 and March 31 2020 which was due by July 31 can now be filed by November 30. Meanwhile, the last date for the mandatory linking of PAN or Permanent Account Number with Aadhaar is March 31, 2021.
Here’s all you need to know about the due dates for filing the income tax return (ITR):
The Central Board of Direct Taxes (CBDT) has extended the time limit for making investments to claim income tax deduction by a month till July 31, 2020. It also eased the last date for furnishing as well as issuing TDS (tax deducted at source) or TCS (tax collected at source) statements/certificates pertaining to financial year 2019-20 to July 31 and August 15 respectively.
Taxpayers are allowed a range of deductions against investment in life insurance, provident fund (Section 80C of the Income Tax Act) and health insurance (Section 80D) for financial year 2019-20.
The Income Tax Department has also allowed assessees to claim deductions in capital gains arsing out of investments, construction and purchases made till September 30, 2020. Capital gains tax is the tax payable on sale of assets such as equities and mutual funds.
The government had in March extended a slew of deadlines under income tax laws due to the coronavirus pandemic, which forced it to impose a nationwide lockdown.
The move by the taxman was aimed at easing the process of filing original as well as revised income tax return for the assessees.
Understanding & keeping in mind the times that we are in, we have further extended deadlines. Now, Tax Saving Investments/Payments for FY 2019-20 can be made upto 31st July, 2020. We do hope this helps you plan things better.#ITDateExtension#FacilitationDuringCovid#WeCarepic.twitter.com/HZZJSmN8g7
Income Tax India (@IncomeTaxIndia) July 2, 2020
It has also extended the deadline for furnishing tax audit reports till October 31.
The moves are likely to ease the burden of filing taxes for individuals and businesses alike on account of the fast-spreading COVID-19 disease, say tax experts.