The Central Board of Direct Taxes has prolonged the last date for filing Filing of ITR for Annual Year 2019-20 (the financial year 2018-19). The time has been extended from 31st July to 30th September 2020. In a tweet, Income Tax department said, “Because of the restraints due to the COVID pandemic and to further comfort compliances for taxpayers, CBDT extends the due date for filing of Income-tax return for the fiscal year2018-19(Annual Year 2019-20) from 31st July 2020 to 30th September 2020, vide Notification in S.O. 2512(E) on 29th July 2020.”
Authorized notification of CBDT said: “In case of any individual who is a resident of India referred to this as-section (2) of Section 207 of the Income Tax Act, 1961 (43 of 1961, the tax paid by them according to section 140A of that Act within the stipulated time (before the extension) provided in that Act, shall be deemed to the advance tax.”
Deadline Details: Postponement
In June, the CBDT had prolonged the deadline for filing Filing of ITR for the fiscal year 2018-19 by a month till 31st July 2020. The due date for the Filing of ITR for the fiscal year 2019-20 (AY 2020-21) was also extended to 30th November 2020. The Central Board of Direct Taxes had said in a statement that: “The ITR return which are essential to be filed by 31st July 2020 and 31st October 2020 can be submitted up to 30th November 2020. Consequently, the date for supplying the tax inspection report has been extended to 31st October 2020.
The government had also prolonged the date for payment of self-assessment tax in the case of a taxpayer whose self-assessment tax liability was up to INR 1 lakh to 30th November 2020. The Central Board of Direct Taxes had further clarified in June that there would be no postponement of date for the payment of self-assessment tax for the taxpayers having self-assessment tax liability exceeding INR 1 lakh.
The government has officially extended the date to file revised or belated Filing of ITR for the financial year 2018-19, to 30th September 2020, from the earlier time of 31st July 2020. It has provided on the condition that reductions for senior citizens on interest payments on self-assessment tax paid. The CBDT issued a notification to the effect dated 29th July. The finance minister has announced the relaxation among several others on 24th June 2020.
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Obligations as per Provisions
“Provided also that for the second proviso, in case of any individual who is a resident of India referred to section 207(2) of the Income-tax Act, 1961[1], the tax paid by him under section 140A of that Act within the due date (before the extension) provided in that Act, shall be believed to be the advance tax,” the Board said.
For senior citizens, not having business or income from the profession will not be required to pay advance tax following Section 207 for the assessment year 2020-21, assuming original due date 31st July 2020.
Officials said that if there’s a shortfall in tax to be paid is up to INR 1 lakh as on 1st April 2020, and it can be paid before filing return of income on or before 30th November 2020. In this case, no interest has to be charged under section 234A, but interest will apply if the sum is more than1 lakh rupees.
Conclusion
“However, interest will not apply if self-assessment tax is paid by 31st July 2020 that reduces the shortfall to INR 1 lakh, and then return is filed by 30th November 2020,” the official said.
The extension will reduce the hardship of taxpayers, said experts, amid trials faced by taxpayers in meeting the legal and governing compliance requirements across different sectors due to the outbreak of COVID-19.
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