The government has formally extended the date to file belated and revised income tax returns for the financial year 2018-19, to September 30, 2020 from the earlier date of July 31, 2020.

The Central Board of Direct Taxes (CBDT) issued a notification to the effect dated July 29. The finance ministry had announced the relaxation among several others on June 24, 2020.

“Provided also that for the purposes of the second proviso, in case of an individual resident in India referred to in sub-section (2) of section 207 of the Income-tax Act, 1961 (43 of 1961), the tax paid by him under section 140A of that Act within the due date (before extension) provided in that Act, shall be deemed to be the advance tax,” the Board said.

The extension will reduce hardship of taxpayers said experts, amid challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of Covid-19.

Source : Economic Times