CBDT further extends the timeline for compliances under Income-Tax Act, 1961
Legal Category: Taxation
Rule ACT: Income Tax Act
Update Type: Notification
Release Date: 29, Jul, 2020
Notification No: Notification No. 56/2020/ F. No. 370142/23/2020-TPL
Description: The Central Board of Direct Taxes (CBDT) on July 29, 2020 has issued a notification to make amendments in the notification issued on June 24, 2020 vide no 35/2020 which specifies the extension of timeline under Income-Tax Act, 1961 and other such compliances.
Following amendments have been made:
-In first proviso, in clause (i) which specifies the filing of returns under Section 139 of the act, the words “July 31, 2020” shall be substituted with “September 30, 2020”.
-A third proviso has been inserted which specifies the delivery of statement for the deduction of tax, which states, “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, 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.