Pune: The pandemic has almost about to cross Septmebet month. In light of the coronavirus pandemic, the government has extended certain deadlines to provide relief to individual taxpayers. Internal Revenue Service are provided special tax filing and payment relief to individuals and businesses in response to the COVID-19 Outbreak by extending deadlines of income tax filling. The filing deadline for tax returns was extended from April 15 to July 15, 2020 and now it made up to 30 September. The IRS urges taxpayers who to file IT as soon as possible. The IRS reminds individual taxpayers that everyone is eligible to request an extension on the filing. However here are three such deadlines that end on 30 September 2020:
1. Claiming LTCG exemption
The individuals are required to make certain specified investments on long-term capital gains (LTCG) in order to save hefty taxes. For example, in the case of capital gains from the sale of a property, the taxpayer can claim exemption by either buying a new house or by investing in specified bonds. The government has extended the last date for completing the process of making such investments to 30 September. Normally, before COVID-19, the deadline for such claims expires between 20 March to 29 June.
2. Belated ITR filing for FY 2018-19
The individuals have to file belated income tax returns as to avial the benefits but have to pay specified late submission fees.The deadline to file belated income tax returns (ITR) for the financial year 2018-19 has been extended to 30 September from 31 March. After the deadline, individuals will not be able to file ITR for FY 2018-19, unless specified via a notice by the Income Tax department.
3. Verify Old ITRs
The Central Board of Direct Taxes (CBDT) allowed one-time relaxation for verification of income tax-returns for specified years. If the income tax returns are yet not verified for assessment years (AY) 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20, can do it by 30 September. The circular issued by CBDT in this regard said that once the ITR is verified by the individual, the department will complete the process of processing returns by 31 December 2020.