Income Tax deadlines that end on 31st July 2020

Due to the coronavirus pandemic, the government had extended the various due dates for giving relaxations to the taxpayers. In this context, the government has extended the due date for filing of the income tax return for the financial year 2018-19 (2019-20) to 30th September 2020 via notification no. 56/2020 dated 29.07.2020.

It should be noted that the due date to file Income Tax Return(ITR) for the FY 2019-20 (AY 2020-21) has been extended to November 30, 2020. Also, the date for making an investment, construction, purchase for claiming rollover benefit, deduction in respect of capital gains under sections 54 to 54GB of the Income Tax Act has also been further extended to September 30, 2020.

Relaxations that end on July 31, 2020

1. The deadline for making various investments or payments for claiming an income tax deduction for the financial year 2019-20 under Section 80C (LIC, PPF, NSC, etc.), 80D (Mediclaim Insurance), 80G (Donations) is July 31, 2020.

2. The taxpayer can also claim an extra tax deduction of Rs. 50,000 under Section 80 CCD(1B) by investing in NPS. The investments can be made up to July 31, 2020, for claiming the deduction for FY 2019-20.

3.Last date for furnishing TDS and TCS statement for Q4 of the financial year 2019-20 and issuance of TDS/ TCS certificate pertaining to the FY 2019-20 has been extended to 31st July 2020 and 15th August 2020 respectively.

4. The government had announced some relaxation in the eligibility norms for the opening of Sukanya Samriddhi accounts due to the coronavirus lockdown. Sukanya Samriddhi's Account can be opened in the name of the girl child on or before 31st July 2020, who has attained the age of 10 years during the period of lockdown from 25th March 2020, to 30th June 2020. Otherwise, Sukanya Samriddhi accounts can only be opened up to the age of 10 years only from the date of birth.

5. The subscribers PPF accounts - whose deadline for submitting the extension form is due in lockdown with a one-year grace period after maturity - may submit the prescribed form for extension through registered email id by 31st July, the postal department said. The original copy of the PPF extension form can be submitted to the concerned operating agency once the lockdown is completely lifted, it added.

Also Read:

CBDT Extends the due date to file ITR(Income Tax Return) for FY 18-19

Consequences of filing ITR after the due date