Providing relief to small and middle-class taxpayers, the date for payment of self-assessment tax with tax liability up to Rs 1 lakh has also been extended to November 30. Self-assessment tax refers to any balance tax that has to be paid by an assessee on income after accounting for tax deduction at source and advance tax before filing the return of income. In cases with self-assessment tax liability over Rs 1 lakh, no extension has been granted and interest will be levied in case of delayed payments.
The due date for commencement of operations by new special economic zones (SEZs) for claiming tax holiday under Section 10AA of the I-T Act has been extended by to September 30.
The date for linking PAN with Aadhaar has also been extended further till March 31, 2021.