In view of the continuing impact of the pandemic, and bearing in mind the additional time businesses / taxpayers will need to return to normal, the Indian tax authority has announced further extensions in deadlines (previously extended in announcements made by the authority in March 2020 / May 2020). The extensions relevant to employers / employees are summarized below –
- Belated tax returns / revised tax returns that are due for the Tax Year (TY) ended 31 March 2019 can now be filed until 31 July 2020 (original deadline 31 March 2020 previously extended until 30 June 2020);
- The withholding tax return due for the last quarter of TY 2019-20 (i.e. Jan – March 2020) can now be filed until 31 July 2020 (previously extended till 30 June 2020);
- The withholding tax certificate (Form 16) due for TY 2019-20 can now be issued by the employer before 15 Aug 2020 (previously extended till 30 June 2020);
- Tax saving investments for TY 2019-20 can now be made by employees before 31 July 2020 (previously extended till 30 June 2020);
- The extended deadline for the Vivad se Vishwas tak (Amnesty) Scheme remains 31 Dec 2020 (as previously announced);
- The extended deadline for tax returns for the tax year ended 31 March 2020 remains 30 Nov 2020. (as previously announced). But, interest for delayed filing of the tax return (s. 234A) will apply using the original due date of 31 July 2020, where the balance tax due (i.e. after reducing withholding taxes / advance / other taxes already paid) exceeds Rs 100,000
