There is a extension period to June 30, 2020 for Aadhaar-PAN, Vivad se Vishwas, belated ITR, tax-saving deadlines by the Government.

India also fighting against COVID-19 by Lockdown and for making this fight more effective, the Government of India takes many steps to protect their citizen and the extension deadlines to June 30, 2020 related Income-Tax is one of those steps.

On Tuesday, March 24, 2020, Finance Minister, Nirmala Sitharaman announced in the press that the Government decided to extend the deadlines to June 30, 2020 for any income-tax compliance. So, mainly the extended deadlines for linking of Aadhaar with PAN, settling disputes related to Vivad se Vishwas Scheme without paying interest and penalty till June 30, 2020, investment for tax-saving for FY 2019-20 and for income tax return (ITR). Now, the deadlines extended March 31, 2020 to June 30, 2020.

Under Vivad se Vishwas Scheme, settling disputes without paying any interest and penalty, it means that individuals can settle their tax disputes till June 30, 2020 without paying any penalty and interest.

After extend the deadlines for filling Income Tax Return (ITR), March 31, 2020 to June 30, 2020. And for FY 2018-2019 delayed tax payments have been reduced from 12 per cent to 9 per cent.

Sonu Iyer, Tax Partner says on interest payment on delayed tax payment that “The date of last installment of advance tax payment is March 15 and is not extended but for the interest for delayed deposit of advance tax due on March 15 will now be computed at 9 per cent instead of 12 per cent for the period starting March 20 until June 30, 2020.

Extending the deadlines is very important for Belated ITR because if it not extended then taxpayers would have lost the opportunity to file their tax return and by this willful failure of filling ITR leads to fines under Income Tax Act, 1961.

Linking Aadhaar with PAN is most important and this extension will come as a relief, as not linking the Aadhaar with PAN lead to PAN “inoperative” as per Income Tax Law.