New Delhi: Here comes a piece of good news for the taxpayers as the Central government on Wednesday extended the deadline for filing income tax returns (ITR) for the 2018-19 fiscal by a month till July 31, 2020. Also Read - Income Tax Department Extends ITR Filing Deadline For Financial Year 2019-20 Till November 30
Issuing a notification, the Central Board of Direct Taxes (CBDT) extended the time for filing of original as well as revised income-tax returns for the FY 2018-19 (AY 2019-20) to July 31, 2020. Also Read - Employees Can Claim Exemption on Conveyance Allowance Under New I-T Regime
The returns of income which are required to be filed by the 31st July, 2020 and 31st October, 2020 can be filed to 30th November, 2020. Also Read - Govt Extends Deadline to Link Aadhaar With PAN Till March 31, 2021 | Details Here
In a statement, the CBDT said that extension has been done in reference to the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 brought by the government on March 31.
“The ordinance had extended various time limits for meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of coronavirus (COVID-19) to provide relief to taxpayers,” it said.
The CBDT further said that 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 up to Rs 1 lakh has also been extended to November, 30.
However, the CBDT clarified that there will be no extension of date for the payment of self-assessment tax for the taxpayers having self-assessment tax liability exceeding Rs 1 lakh.
“In this case, the whole of the self-assessment tax shall be payable by the due dates specified in the Income Tax Act (IT Act) and delayed payment would attract interest under section 234A of the IT Act,” it said.