Due date for F.Y. 2018-19 ITR filing extended and also additional relief to Senior citizens
📍 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.
📍 The same has mention of two reliefs granted vide CBDT Notification No 35/2020 dated 24.06.2020.
📍 Firstly, the Time barring due date to file ITR for FY 2018-19 has been further extended to 30th September, 2020.
📍 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.
📍 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.
📍 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.
📍 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.
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Author : ANKIT LOHIYA
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