Skip to main content

ITR filing deadline for FY 2019-20 (AY 2020-21) extended to Nov 30, 2020

On 13th May 2020, the government has announced, "Due date for all income tax return for individuals for the Financial Year (FY) 2019-20 (Assessment Year 2020-21) will be extended from July 31 2020 and 31 October 31, 2020 to November 30, 2020 and tax audit from Sept ember 30, 2020 to 31st October 2020."

The government has announced that the income tax return (ITR) filing deadline for Financial Year (FY) 2019-20 (Assessment Year 2020-21) has been extended to November 30, 2020 from July 31, 2020. "Due date for all income-tax return for individual taxpayers for the Financial Year (FY) 2019-20 (Assessment Year 2020-21) will be extended from July 31 2020 and 31 October 31, 2020 to November 30, 2020 and tax audit from September 30, 2020 to 31st October 2020".


This was a part of the Rs 20 lakh crore relief package due COVID-19 lockdown. Along with the extension of the ITR filing deadline, there were other direct tax-related relief measures announced.

The extension in the tax filing deadline comes a relief for taxpayers as the government had earlier extended the deadline for receiving Form-16 from June 10, 2020 to June 30, 2020 via an ordinance dated March 31, 2020. The extension had left only one month for individual taxpayers to file their tax returns before the deadline, i.e., July 31, 2020. Chartered accountants and other tax experts were anticipating such an extension in the ITR filing deadline for FY 2019-20 (AY 2020-21).

Other direct tax measures:

The government has also reduced the TDS rates applicable for non-salaried payments. As per the announcement, to provide more funds to taxpayers, TDS for non-salaried specified payments made to residents and rates of TCS for specified receipts shall be reduced by 25%. The reduced TDSand TCS rates will remain valid till March 31, 2021. Tax reduced rates will be applicable on payments such as TDS on rent exceeding Rs 50,000 per month, dividend payments from mutual funds and companies, TDS on fixed deposits etc.

In addition to that the date of making payments without interest and penalty under Vivad se Vishwas scheme has been extended to December 31, 2020. This is the second extension of the scheme. Earlier the government in the press conference dated March 24, 2020 has announced the extension of Vivad se Vishwas scheme to June 30, 2020.

The Vivad se Vishwas Scheme was announced in the Budget 2020 to allow one-time settlement of tax dispute between the tax department and the individuals. The settlement can be made without paying any penalty and interest on the tax dispute amount.

Know about us - https://thetaxsupport.com
You can find more articles on at https://thetaxsupport.com/blog
You can find tutorial videos on at https://www.youtube.com/c/vipinsanger
Labels:
Location: New Delhi, Delhi, India

Comments

Post a Comment

Popular posts from this blog

Why Investing Is Important

Why Investing Is Important.. Investing has become increasingly important over the years, because the way forward for Social Security benefits becomes unknown. People want to insure their futures, and that they know that if they're counting on Social Security benefits, and in some cases retirement plans, that they'll be certain a rude awakening once they not have the power to earn a gentle income. Investing is that the answer to the unknowns of the longer term . You may are saving money during a low interest bank account over the years. Now, you would like to ascertain that cash grow at a faster pace. Perhaps you've inherited money or realized another sort of windfall, and you would like how to form that cash grow. Again, investing is that the answer. Investing is additionally how of achieving the items that you simply want, like a replacement home, a university education for your children, or expensive 'toys.' in fact , your financial goals will determine...
Post a Comment
Read more

Small Businesses should use mobile apps for filing GST - 9 reasons Why..

GST and Taxation for MSMEs: GST accounting applications have helped in the transition of many small businesses and entrepreneurs in an easier and cost-effective manner to a new indirect tax system and also making them organised in terms of their bookkeeping. GST and Taxation for MSMEs: Since the launch of July 2017, Goods & Service Tax (GST) has been the most important factor for government and businesses with many changes being introduced recently. GST for Indian economy has been an evolving process and has brought advantages for small businesses in many ways by reducing complexities of inter-state taxation, digitization of MSMEs and an online portal for registration, filing and compliance purpose to make indirect taxation convenient and simple in India. There are about 13 million GST payers, out of which, 6-7 million are B2B, and 5-6 million are B2C. India’s MSME sector contributes about 8 per cent of India’s GDP, 45 per cent of the manufacturing output, 40 per cent of the ...
Post a Comment
Read more

Critical Analysis of the Companies (Amendment) Bill, 2020

Amendment to the Companies Act, 2013 (‘the Act’) seems to be a routine activity of the Indian Government. The Act was amended by the Companies Amendment Act, 2015, 2017, 2019 and now, in 2020 (as proposed). Every time, the object of the amendment is different – from the ease of doing business to ease of living for corporates.  With the Government’s objective of facilitating greater ease of living to law-abiding corporate, it had constituted Company Law Committee (‘Committee’) on September 18, 2019. The overall objective of the Government and the Committee was to decriminalize some more provisions of the Act based on their gravity and to take other necessary measures to provide further ease of living for corporates and companies in the country. The Committee submitted its report in November 2019.  Based on the recommendations of the Committee and an internal review by the Government, the Companies Amendment Bill, 2020 proposed amendment to various provisions of the Ac...
Post a Comment
Read more