Latest News Budget 2020

The due date of filing Income Tax Return for the FY 2019-20 has been extended as follows:

  • From 31st July 2020 to 30th Nov 2020
  • In case of audit from 31st Oct 2020 to 30th Nov 2020
  • In case of Tax audit from 30th Sep 2020 to 31st Oct 2020

What is the meaning of the due date as per income tax?

Specified persons are required to file ITR with the income tax department after the end of each financial year. To ensure timely filing of returns the tax department has defined the last date upto which a person can file return without paying any late fees. This last date is called the due date of filing ITR.
The due date of filing ITR varies depending on the type of assessees viz. Individual, HUF, Firm, LLP, Company, Trust and AOP/BOI and the applicability of audit.
Generally speaking, the individual and entities, those who have to undergo audit have a later deadline than those who are filling ITR without going through audit.


What are the due dates for the FY 2018-19 (AY 2019-20) and FY 2019-20(AY 2020-21) ?

The income tax return filing for the FY 2018-19 (AY 2019-20) is being currently done and due to coronavirus outburst the last date to file ITR for the year has been extended to 30th June 2020.

The ITR filing for FY 2019-20 (AY 2020-21) will begin from 1st June 2020 the ITR forms for which have been notified.

FY 2018-19 (AY 2019-20) FY 2019-20 (AY 2020-21) FY 2020-21 (AY 2021-22)
Original Due Date Extended Due Date Original Due Date Extended Due Date Original Due Date
Non- Audit Cases (Individuals, professionals, small businesses etc) 31st July 2019 31st August 2019 31st July 2020 30th November 2020 31st July 2021
Working Partner of a Firm or LLP where Audit is required 30th September 2019 31st October 2019 30th September 2020 30th November 2020 31st October 2021
Non Working Partner  31st July 2019 31st August 2019 31st July 2020 30th November 2020 31st October 2021
Audit Cases (Company, Tax Audit cases etc) 30th September 2019 31st October 2019 30th September 2020 30th November 2020
*31st October 2020 (in case of tax audit)
31st October 2021
Revised Return  Till 31st March 2020 30th June 2020 Till 31st March 2021 - Till 31st March 2022
Belated/Late Return  Till 31st March 2020 30th June 2020 Till 31st March 2021 - Till 31st March 2022
Report to be filed u/s 92E 30th November 2019 - 30th November 2020 - 30th November 2021

Note:

  1. Audit is required for
    - A Company
    - An Individual requiring audit of accounts or
    - A working partner of a firm Or Firms, LLPs etc, requiring audit of accounts
  2. As per section 92E, a person who enters into international or specified domestic transactions is required to submit a report u/s 92E.

What are the due dates for making payment of Advance Tax installments?

The due dates for the payment of advance tax for the FY 2018-19 (AY 2019-20) and FY 2019-20 (AY 2020-21) are

For all Assessee
Due Date Advance Tax to be paid
Till 15th  June 15% of the amount of advance tax
Till 15th September 45% of the amount of advance tax
Till 15th December 75% of the amount of advance tax
Till 15th March 100% of the amount of advance tax

Note:
- Prior to FY 2016-17 (AY 2017-18) there were different due dates prescribed for corporate and non corporate assessees.
- The person furnishing return of income under section 44AD or 44ADA is only required to adhere to the last installment i.e. make 100% payment fo advanectax till 15th march of the financial year.


What is the due date for making TDS Payments?

The due date for making monthly TDS payments can be better understood in terms of Government and non Government assessees as under

Due Date for TDS payment in case of Govt. Assessee
Due Date Condition
7th of Next month Tax deposited with Challan
Same day Tax deposited without Challan
Due Date for TDS payment in case of Non-Govt. Assessee
Due Date Condition
30th April Tax deductible in March
7th of next month Tax deducted in Apr, May, Jun, Jul, Aug, Sep, Oct, Nov, Dec, Jan, Feb
Due date for Quarterly payment of TDS as permitted under Section 192, 194A, 194D or 194H are 
Due Date Condition
7th July For Quarter ending 30th June
7th October For Quarter ending 30th September
7th January For Quarter ending 31th December
30th April For Quarter ending 31st March
Note*: Under section 192(1A), the payment has to be made within seven days (7 days) of the last day of the month in which the deduction is made or income-tax is due.

What is the due date for Filing TDS Return?

Due date for submission of quarterly TDS return in Form 24Q, Form 26Q, Form 27Q & Form 27EQ by Government or Non-Government deductors are
Due Date Period
31th July For Quarter ending 30th June
31th October For Quarter ending 30th September
31th January For Quarter ending 31st December
31st May For Quarter ending 31st March

* Due to COVID-19 pandemic, the due date for submission of Quarter-IV (FY 2019-20) TDS Return has been extended from 31st May to 30th June 2020.

Note:
  • Form 24Q is for Return of TDS details on Salary Payments.
  • Form 26Q for Return of TDS details on Other than Salary Payments (Domestic).
  • Form 27Q is also for Return of TDS details on Other than Salary Payments (NRI/Foreign).
  • Form 27EQ is for TCS Return.
Due Dates to issue TDS certificates (Form 16)
Due Date Period
15 June Form 16 is of Salary

* Due to COVID-19 pandemic, the due date of issuing Form 16 for the FY 2019-20, has been extended to 30th June 2020.

Due Dates to issue TDS /TCS certificates (Form 16A & Form 27D) - Govt. Employees
Due Date Period
15th August For Quarter ending 30th June
15th November For Quarter ending 30th September
15th February For Quarter ending 31st December
15th June For Quarter ending 31st March

* Due to COVID-19 pandemic, the due date to issue TDS/TCS certificates (other than Form 16) of Quarter-IV,FY 2019-20) has been extended to 15th July 2020.

Note:
  • Form 16 A & Form 27D is issued within 15 days from the date of furnishing the TDS return
  • Form 16 A is for TDS deducted on Income other than salary
  • Form 27 D is Tax Collection Certificate(TCS)
Due Dates to issue TDS/TCS certificates (Form 16A & Form 27D) - Non Govt. Offices
Due Date Period
15th August For Quarter ending 30th June
15th November For Quarter ending 30th September
15th February For Quarter ending 31st December
15th June For Quarter ending 31st March

Conclusion :

Given the new reforms, it is quite clear that waiting for the last date (end of financial year) will not work anymore. Now, you are required to keep a track of your tax filing requirements more than ever. For any further clarification comment in the section below or for guidance related to tax filing Contact Us Now!!


 

FAQ on due date of filing ITR

Q- What will happen if a salaried person file ITR after the due date?

Ans. Filing after the due date will attract late fees u/s 234F of the income tax.


Q- Can we file ITR after the due date?

Ans. You can file late return upto 31st March of the relevant assessment year after payment of late fees as per the applicability.


Q- Can I file ITR for the last 2 years?

Ans. As per the change in law, you can file ITR for one financial year only from FY 2017-18 onwards.


Q- Is new tax regime available if ITR is filed after the due date?

Ans. The answer depends on your sources of income if :

  • You have income from salary - Yes, you can opt for new tax regime even if you file income tax return after the due date
  • You have income from business or profession - No, in case the return of income is furnished after the due date then you cannot opt for the new tax regime.

CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2Win.in. Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.