DUE DATE FOR F.Y. 2018-19 ITR FILING EXTENDED AND ALSO ADDITIONAL RELIEF TO SENIOR CITIZENS

Due date for 18-19 ITR filing extended and also additional relief to Senior citizens

Due date for F.Y. 2018-19 ITR filing extended and also additional relief to Senior citizens

πŸ“ In consideration of the difficulties faced in compliance due to COVID-19, CBDT has come up with its Notification No 56/2020 giving relief to its assessees.

πŸ“ The same has mention of two reliefs granted vide CBDT Notification No 35/2020 dated 24.06.2020.

πŸ“ Firstly, the Time barring due date to file ITR for FY 2018-19 has been further extended to 30th September, 2020.

πŸ“ Thus, the original(belated) return u/s 139(4) and revised return u/s 139(5) for FY 18-19 can now be filed by 30th September, 2020.

πŸ“ Besides the above extension,there’s also a relief pertaining to FY 2019-20 for resident assessees of the age of 60 years or more i.e. for Senior and Super senior citizen assessees, having income other than business or profession.

πŸ“ Any self-assessment tax paid by them upto the original due date as per the Act i.e. 31st July 2020 will be treated as advance tax for FY 2019-20.

πŸ“ Thus, after this payment, if tax remaining to be paid is less than Rs 1 lakh, then no interest will be levied under 234A if the ITR is filed by the extended date of 30th November 2020.

Thanks for reading my article “Due date for F.Y. 2018-19 ITR filing extended and also additional relief to Senior citizens

Author : ANKIT LOHIYA

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