The government extended the deadline for filing original or revised income tax returns (ITR) for the financial year 2018-19 by one month on Wednesday and the next 31 July and linking Aadhaar number with pan to 31 March 2021. The Central Board of Direct Taxes (CBDT), through a notification, has also extended the time for investment in various schemes for availing tax exemption during the year 2019-20 to 31 July 2020. Thus, the taxpayer can claim tax exemption in the financial year 2019-20 by investing tax under section 80 C of the Income Tax Act (life insurance, pension fund, savings letter, etc.), 80 D (Health Insurance), and 80 G (donations) till 31 July 2020.
Pan-Aadhaar linking date extended:
At present, the date of the Pan-Aadhaar link was going to end on 30 June. It has now been extended to 31 March 2021.
The last date for filing income tax returns extended:
The date of filing of actual or revival income tax return (ITR) for the financial year 2018-19, which was earlier 30 June, has been extended up to 31 July 2020.
Tax saving investment deadline extended:
The last date for tax saving and investment under section 80 C, 80D, etc., was going to end on 30 June. It has been increased to 31 July.
Time also received for self-assessment tax payment:
For small and medium taxpayers, the Income Tax department has also extended the last date for payment of self-assessment tax to tax pay up to Rs. 1 lakh. Now, the new date has gone up to 30 November 2020.
Date of Income Tax Return extended for 2019-20:
The date of filing of tax return (ITR) for the financial year 2019-20 has been extended till November 2020. The return, which was to be filed by 31 July and 31 October 2020, can now be filed by 30 November.
Form 16, can be submitted till 15 August 2020:
The income tax department has also extended the last date for issuing a TDS certificate i.e., form 16 and form 16a to 15 August 2020.
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