Finance Ministry extends revised income tax returns till September 30

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

The government has extended the date to file 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 headed by FM Nirmala Sitharaman had announced the relaxation on June 24.

“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 bring relief to taxpayers, amid challenges faced in meeting the statutory and regulatory compliance requirements across sectors.

The finance ministry has also taken a slew of steps to boost the economy by providing credit finance and guarantees to NBFCs, HFCs, MSMEs.

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