EXTENSION OF LAST DATE FOR THE PAYMENT OF ADVANCE TAX

Tax queries 304 views 5 replies

ARUNACHALAM P

ACCOUNTS OFFICER

10 Points Joined June 2020

AS PER THE NOTIFICATION, THE LAST DATE FOR THE PAYMENT OF ADVANCE TAX HAS BEEN EXTENDED TO JUN,2020 FROM MAR, 2020. THOUGH, THE SELF ASSESSMENT TAX PAID ON 08.06.2020 FOR BALANCE TAX TO BE PAID FOR THE FY 2019-20, ONLINE ITR IS CALCULATING THE INTEREST FOR THE DELAYED PAYMENT UNDER SEC.234 B & C. WHY? IS IT WRONGLY CALCULATING OR MY UNDERSTANDING IS WRONG. PLEASE CLARIFY.

Replies (5)

shivam garg

47 Points Joined September 2018

Dear Sir,
The above stated notification was in respect of F.Y. 2020-21 (A.Y.2021-22) which states that advance tax installment falling due on 15/06/2020 can be paid upto 30/06/2020.

ARUNACHALAM P

ACCOUNTS OFFICER

10 Points Joined June 2020

Dear sir

This is a report from the Financial Express (Indian Express Group), i reproduce the same. Please go through.

Income tax Payment 2020: Is your liability over Rs 10,000? Pay Advance Tax before June 30 – Here’s why

By: Rajeev Kumar |

Updated: May 30, 2020 1:52 PM

Income Tax Payment Due Date 2020: Section 234E, which includes penalties for delay in income tax return filing, will not be applicable if a person files its return before the extended date of return.

Income Tax Payment Due Date 2020: In one of her recent press conferences, Finance Minister Nirmala Sitharaman announced that the due date for Income Tax Return filing for AY 2020-21 has been extended to 30th November 2020 from July/October 2020. The Central government has also extended the date for payment of advance tax for FY 2019-20 to 30th June 2020. The extension of the last date of income tax return filing will benefit those who don’t have to pay advance tax. However, for taxpayers under the advance tax bracket, it is advisable to deposit taxes before June 30 to avoid any interest on ta liability, according to Sameer Mittal, Managing Partner, Sameer Mittal and Associates LLP and Chairman, International Trade Council in India.

Subha Dhar

Blogging

26 Points Joined June 2020

Me also have to pay.

shivam garg

47 Points Joined September 2018

Here is the official announcement by press information bureau of India

Finance Minister announces several relief measures relating to Statutory and Regulatory compliance matters across Sectors in view of COVID-19 outbreak

Posted On: 24 MAR 2020 5:10PM by PIB Delhi

For delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between 20th March 2020 and 30th June 2020, reduced interest rate at 9% instead of 12 %/18 % per annum ( i.e. 0.75% per month instead of 1/1.5 percent per month) will be charged for this period. No late fee/penalty shall be charged for delay relating to this period.

The explanation of the above are here as under

The due date for the payment of the last instalment of advance tax for FY 2019-20 was March 15, 2020 (also the due date with respect to assessees adopting the presumptive taxation). Please note, the due date for the tax payment is not extended. The relief given is with respect to the interest charged under section 234B and section 234C. If you were not able to make the advance tax payment on time i.e. by March 15, 2020, the rate of interest to be charged now under section 234B and section 234C will be 0.75% per month instead of 1% per month from March 2020 to June 2020.

ARUNACHALAM P

ACCOUNTS OFFICER

10 Points Joined June 2020

Thank U Very much sir, I have enquired from income tax department. It has been stated that all the amendments in the software has already been made as per the latest notification. But the explanation on the FM notification has mislead me.