Non Life Insurance - 5 Income Tax-Related Deadlines You Should Know
The government has extended the deadline for filing income tax returns or ITRs for 2018-19 fiscal to September 30, from July 31. This is the third extension given by the government for taxpayers to file both original and revised tax returns for 2018-19 fiscal. In March, the due date was extended from March 31 to June 30. Later in June, it was again extended by a month till July 31.
"In view of the constraints due to the Covid pandemic & to further ease compliances for taxpayers, CBDT extends the due date for filing of Income Tax Returns for FY 2018-19 (AY 2019-20) from 31st July, 2020 to 30th September, 2020," the Income Tax Department said.
Here are five other income tax related deadlines to know:
1) The deadline for filing revised income tax returns for the FY 2018-19 (AY 2019-20) also gets extended to September 30.
2) The last date for employers to issue Form 16 to employees is 15 August 2020. Form 16 has the details of the total salary received by the employee, the tax deducted by the employer and deduction availed by the employee. Form 16 helps in filing ITRs. Employees who want to file their tax return or ITRs early can do so using their salary slips and Form 26AS.
3) Earlier, the government had also extended the last date of filing of the income tax return for FY 2019-20 (AY 2020-21) to 30th November 2020. It should also be noted that for linking biometric Aadhaar with PAN the deadline was extended till March 31 next year.
4) In June, the government had extended the date for making investment, construction, purchase for claiming deduction in respect of capital gains under Sections 54 to 54GB of the Income Tax Act to September 30, 2020. Section 54 relates to tax exemptions available from capital gains if the capital gains are invested in purchase or construction of residential property. Therefore, the investment, construction, purchase made up to September 30, 2020 shall be eligible for claiming deduction from capital gains.
5) Vivad Se Vishwas scheme for direct tax dispute resolution has been extended till December 31, 2020. The Vivad se Vishwas scheme was announced in Union Budget 2020 for providing dispute resolution in respect of pending income tax litigation. Under this scheme, a taxpayer would be required to pay only the amount of the disputed taxes and will get complete waiver of interest and penalty.