Income Tax Return filing Due date : Compliance requirement under Income Tax Act, 1961 for the month of June, 2020 are as follows-
| Particulars | Due Dates | Revised Due Dates |
| Filing of belated return for the AY 2019-20 | 31.03.2020 | 30.06.2020 |
| Filing of revised return for the AY 2019-20 | 31.03.2020 | 30.06.2020 |
| Sending an intimation after processing of return of income (ITR), if the return is filed: a) During Financial Year 2018-19 under section 139; b) During Financial Year 2018-19 in response to a notice issued under section 142(1) | 31.03.2020 | 30.06.2020 |
| Furnishing of TDS Statement for the fourth quarter (Jan – March, 2020) of the Financial Year 2019-20 | 31.05.2020 | 30.06.2020 |
| Furnishing of TDS Statement in form 26QB/26QC/ 26QD for a) February, 2020 b) March, 2020 c) April, 2020 | 30.03.2020 30.04.2020 30.05.2020 | 30.06.2020 |
| Furnishing of TCS Statement for fourth quarter of the Financial Year 2019-20 | 15.05.2020 | 30.06.2020 |
| Issue of TCS certificate for the fourth quarter of the FY 2019-20 | 30.05.2020 | 30.06.2020 |
| Furnishing of Form 24G by an office of the Government for the month of a) March, 2020 b) April, 2020 c) May, 2020 | 30.04.2020 15.05.2020 15.06.2020 | 30.06.2020 |
| Due date to send the intimation for processing of statement of TDS/TCS filed during the FY 2018-19 | 31.03.2020 | 30.06.2020 |
| Investment in 80C/ 80D, Capital Gain investment schemes, Donations etc. | 31.03.2020 | 30.06.2020 |
| Vivad se Vishwas Scheme (Not liable to pay additional 10%. No interest and penalty will be applicable) | 31.03.2020 | 31.12.2020 |
Correct Calculation of Income Tax for 2019-2020
Important updates on Income Tax
- The CBDT vide the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 dated 31-03-2020 has extended all respective due dates, falling during the period from 20-03-2020 to 29-06-2020, till June 30, 2020.
- The benefit of extended due date shall not be available in respect of payment of tax. However, any delay in payment of tax which is due for payment from 20-03-2020 to 29-06-2020 shall attract interest at the lower rate of 0.75% for every month or part thereof, if same is paid after the due date but on or before 30-06-2020.
- PAN-Aadhaar linking deadline Further extended to June, 2020: The due date for linking of PAN with Aadhaar as specified under sub-section 2 of Section 139AA of the Income-tax Act,1961 has been extended from 31st December, 2019 to 31st March, 2020 and further extended to 30th June, 2020 due to COVID – 19 outbreak.
TDS and TCS Rates Chart – Examples of how to calculate TDS for FY 2020-21
- Income Tax Refund: CBDT has announced all pending Income Tax Refunds up to 5 Lakhs in order to help in COVID-19 situation.
- Income tax return filing: Income tax return filing dates for AY 2020-21 with respect to all assesses (Individual, Non-Individual cases, audit and non-audit cases) are extended till 30th Nov, 2020.
- Replying to Notices, Assessments, Appeals, Revisional matters and any compliance matters : Taxpayers will get more time for replying to notices, assessments, appeals and compliances, till 30.06.2020.
- The deadline for employers to issue the TDS certificate, i.e., Form 16 for FY 2019-20 to employees stands extended to June 30, 2020.
GST Return Due date calendar for the month of June, 2020
- Ministry Of Finance (Department Of Revenue) (Central Board Of Direct Taxes) has notifies ITR Form ― Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V for Assessment Year 2020-21 i.e. financial Year 2019-20.
The author of the above article is CS Lalit Rajput, Partner at Xcede Consultech LLP.
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