New Delhi: If you have been worried about the delay in filing your income-tax returns for the 2018-19 fiscal, then you have a month to do so now. In the wake of Covid-19 outbreak, the government has extended the deadline for income-tax returns filing for 2018-19 fiscal by a month until July 31.

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It comes as a breather for tax payers who do not have to rush to file the returns as there is enough time to file the returns. Also, the Centre has also extended the time limit for linking Aadhaar card with PAN card till March 31, 2021.

Earlier, the Centre had extended the deadline for filing income tax returns (ITR) for FY2019-20 to November 30, 2020. In line with the ITR filing, the Central Board of Direct Taxes (CBDT) also extended the time limit for making various investments and claiming deductions under the I-T Act for the 2019-20 fiscal by a month till July 31, 2020.

Here are the recent changes to be noted:

1) You have enough time now to file the original as well as revised income-tax returns for the FY 2018-19 (AY 2019-20) till 31st July, 2020.

2) You should be aware that due date for income tax return for the FY 2019-20 (AY 2020-21) was extended to 30th November, 2020. It means that the returns which are required to be filed by 31st July, 2020 and 31st October, 2020 can be now filed up to 30th November, 2020. In this effect, the due date for furnishing tax audit report has also been extended to 31st October, 2020.

3) Also, those worried about claiming various deductions also have a breather. The date for making various investment/ payment for claiming deduction under Chapter-VIA-B of the IT Act that includes section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations) etc has also been given an extension to 31st July, 2020. So, you can make the investment/ payment till 31st July, 2020 in order to claim any deduction under the mentioned sections for FY 2019-20.

4) To offer breather to small and middle class taxpayers, the date for payment of self-assessment tax, whose tax liability is up to ₹1 lakh has also been extended to 30th November, 2020. But remember there will be no extension of date for the payment of self-assessment tax for the taxpayers having self-assessment tax liability exceeding Rs. 1 lakh.

5) Also, the date for furnishing of TDS/ TCS statements and issuance of TDS/ TCS certificates pertaining to the FY 2019-20 has been extended to 31st July, 2020 and 15th August, 2020 respectively.

6) The TDS/TCS rate for non-salary payments to residents has been reduced by 25 per cent for the remaining months of the fiscal and extended the due date for filing income tax returns for 2019-20 till November 30, 2020.

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