Income Tax Update for Non Verified ITR

The Central Board of Direct Taxes (CBDT) has given one time relaxation to those assessees who have not verified their Income Tax Returns for the Assessment Year 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20 to verify their ITRs latest by 30th September, 2020. Such returns shall be processed by the income tax department by 31st December, 2020.

In respect of Income Tax Returns filed electronically without digital signature, such ITRs are required to be verified either through electrically/ OTP mode or by sending hard copy  of the acknowledgements to CPC, Bengaluru within 120 days from the date of uploading the returns failing which it is treated that the ITRs have not been existent(non-est).

Tax Update June 2020

Income Tax Updates June 2020

The apex body of Income Tax, The central Board of Direct Taxes (CBDT), has again given some relief to the taxpayers by extending time limits for various compliances. They are given below:

1. The time limit for filing Income Tax Returns for FY 2018-19 (AY 2019-20) has been further extended to 31st July, 2020 from earlier 30th June, 2020.

2. Due date for filing of Income Tax Returns for FY 2019-20 (AY 2020-21) has been extended to 30th November, 2020. Tax Audit Reports can be furnished by 31st October, 2020.

3. The time limit for various tax saving investments/ payments for claiming deduction under Chapter VIA-B, to name a few, PPF, LIC, NSC etc u/s 80C, Mediclaim u/s 80D, Donations u/s 80 G has been extended to 31st July, 2020

4. Self-assessment tax with liability up to Rs. 1 Lakh can be paid till 30th November 2020. However no extension has been granted to those taxpayers having tax liability of over Rs. 1 lakh and accordingly delayed payment would attract the applicable rate of interest u/s 234 A.

5. 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 extended to 30th September, 2020.

6. TDS and TCS returns can now be filed till 31st July, 2020 and accordingly TDS/TCS certificate can be issued by 15th August, 2020 for the FY 2019-20. 

7. The reduced rate of interest of 9% for delayed payment of taxes shall not be applicable for the payments made after June 30, 2020.

8. The PAN Card-Aadhaar Card linking last date has been extended till 31st March, 2021.