Extension of time limits under the Income-tax Act, 1961 and related Acts - 35/2020 - Income Tax

Extension of time limits: specified tax compliance deadlines under the Income-tax Act and related Acts extended for filing and reporting.

Specified time limits under the Ordinance were extended by notification, designating end dates for the periods during which prescribed statutory time limits fall and separate end dates to which those time limits stand extended. For the Income-tax Act the notification sets specific extended deadlines for return filing for particular assessment years, furnishing TDS/TCS statements and certificates, applicability of certain deduction and exemption provisions, and submission of audit reports, while preserving a proviso that limits extension where residual tax liability exceeds a threshold and deeming timely paid advance tax by certain resident individuals as advance tax for proviso purposes.