CBDT extends timelines under taxation and other laws

July 2, 2020
Goods Service tax Coin Background

The Central Board of Direct Taxes (hereinafter referred to as ‘CBDT’) has issued a notification dated June 24, 2020[1] extending timelines under Taxation Laws for filing of various returns, making investments, etc. for Financial year 2019-2020 and 2020-2021. Earlier the time limits had been extended vide Taxation & Other Laws Ordinance dated March 31, 2020.

Also read Extension of Deadlines under Taxation and Benami Laws amid COVID-19

The time limits had been extended for specified laws including Wealth Act, Income Tax Act, Benami Laws, Finance Act, Direct Tax Act.

Extended Timelines under Taxation Laws

Taxation and other Laws
Specified laws/ compliances Extension
For provisions related to Income Tax Act, 1961; filing of returns


Financial Year 2018-2019: Due date on April 01, 2019 has been extended to the July 31, 2020;

Financial Year 2019-2020: Due date on April 01, 2020, has been extended to the November 30, 2020;

For Tax Deduction at Source/ Tax Collection at source The for furnishing TDS/ TCS statements and issuance of TDS/ TCS certificates has now been extended to July 31, 2020
Self-assessment tax filing The date of payment for self-assessment tax wherein the taxpayer’self-assessment tax liability is up to INR 1 lakh has also been extended till November 30, 2020. However, no relief has been provided for those taxpayers whose self-assessment tax liability exceeds INR 1 lakh.
Compliances under Sections 54 and 54GB of Income Tax Act, 1961 The end date in respect of time limit for completion or compliance and the end date for making the said completion or compliance, shall be the September 29, 2020 and September 30, 2020 respectively
Furnishing of Audit report The end date for furnishing of audit report for the assessment year commencing on April 01, 2020, shall be extended to October 31, 2020.

The notification has come into effect from June 30, 2020 and is expected to be a sigh of relief for and income tax payers in these times of financial distress.

[1] Notification no. 35 of 2020- https://www.incometaxindia.gov.in/communications/notification/notification_35_2020.pdf

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