Friday, 03 Jul, 4.05 pm The Hans India

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Income Tax Alert! 5 Tax Deadline Extensions Announced Amid COVID-19 Crisis

The Income Tax department (I-T) has revised the due dates for filing tax returns, Aadhaar-PAN linking and making tax-saving investments. This is the third time the extensions are announced to relieve COVID-19 lockdown-induced hardships. If keeping a tab on all the deadlines confuses you, here is something at your fingertips to help you avoid missing any date.

TAX DEADLINES AND PENALTY DETAILS

Tasks Actual Deadline Revised Deadline Penalty Details
Claiming tax deductions under different sections of Chapter VIA-B, including tax-saver investments under section 80C for the fiscal year 2019-20 March 31 (Was earlier extended to June 30 in May)

July 31, 2020

If you had not made tax-saver investments on time, your employer is likely to have deducted additional tax for FY 2019-20. you will not be able to claim any refund if you miss the extended deadline
Filing tax returns for the assessment year 2020-21 (FY 2019-20)

July 31

November 30, 2020 (FM Nirmala Sitharaman Announced in May) The penalty for taxable income of up to Rs 5 lakh is Rs 1,000. For others, it may vary between RS 5,000 to RS 10,000
Filing tax returns for the assessment year 2019-20 (FY 2018-19)

March 31, with a penalty.

July 31, 2020

If you miss this date, you will be able to file income tax returns only after attaining approval from income tax authorities
Investment, construction or purchase of property for claiming deductions from capital gains under sections 54 to 54GB As applicable

September 30, 2020

If you booked long-term capital gain on sale of the property, it can be exempt from tax if you buy another house property or invest in specified long-term bonds, subject to conditions. If you fail to do so before the extended due date, you will have to forgo the tax benefit
Issue of TDS certificates (including Forms 16 for employees)

June 15

August 15, 2020

This is for employers and entities like banks that deduct tax at source. Who needs to meet the deadlines
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