To provide relief to people amidst of the pandemic, the government extended the date for filing income tax returns for FY 2018-2019 by two months till September 30. This is the third extension given by the government for taxpayers to file both original and revised tax returns for FY 2018-19.
However, previously, the deadline to file belated income tax return (ITR) for FY 2018-2019 was extended from March 31, 2020 to June 30, 2020 and then July 31, 2020. And also the last date to file a revised ITR for FY2018-19 is also extended to September 30.
The decision is taken in backdrop of the constraints due to COVID-19 pandemic, the Income Tax Department said: “In view of the constraints due to the pandemic and to further ease compliance for taxpayers, CBDT extends the due date for filing of Income Tax Returns for FY 2018-2019 from July 31 to September 30,” It said in a tweet.
Also, senior citizens need to deposit self assessment tax by July 31, 2020 in case it is likely to exceed Rs 1 lakh as delayed payment would attract interest under section 234A. The latest notification clarified that the due date of filing income tax return for the current assessment year is July 31, instead of November 30, as per the old notification released on June 24, 2020. So self assessment tax paid by such senior citizens by July 31 will be excluded from levy of interest under section 234A . And if such tax is paid after the date, then penal interest at the rate of 1 per cent per month would be levied.