This is the final thirty day period for filing the cash flow tax return (ITR) for financial year 2018-19 (evaluation year 2019-20). Very last 7 days, the Income Tax Department extended the due day for assessees to file their returns for for the money acquired concerning April 1, 2018 to March 31, 2019 by a single month, to July 31, 2020. The deadline for submitting revenue tax returns (ITRs) for monetary year 2019-20 is November 30. Thus, the return of revenue acquired concerning April 1, 2019 and March 31 2020 which was because of by July 31 can now be submitted by November 30. In the meantime, the final day for the required linking of PAN or Lasting Account Quantity with Aadhaar is March 31, 2021.
Here’s all you need to have to know about the owing dates for filing the income tax return (ITR):
The Central Board of Direct Taxes (CBDT) has extended the time restrict for generating investments to claim earnings tax deduction by a month till July 31, 2020. It also eased the past day for furnishing as properly as issuing TDS (tax deducted at resource) or TCS (tax collected at resource) statements/certificates pertaining to fiscal 12 months 2019-20 to July 31 and August 15 respectively.
Taxpayers are permitted a array of deductions versus financial investment in lifestyle insurance policies, provident fund (Part 80C of the Cash flow Tax Act) and health coverage (Portion 80D) for fiscal calendar year 2019-20.
The Profits Tax Office has also authorized assessees to assert deductions in money gains arsing out of investments, building and buys produced till September 30, 2020. Cash gains tax is the tax payable on sale of property these types of as equities and mutual funds.
The governing administration had in March extended a slew of deadlines under earnings tax laws due to the coronavirus pandemic, which pressured it to impose a nationwide lockdown.
The go by the taxman was aimed at easing the method of submitting first as nicely as revised revenue tax return for the assessees.
Comprehension & keeping in brain the moments that we are in, we have further more extended deadlines. Now, Tax Saving Investments/Payments for FY 2019-20 can be created upto 31st July, 2020. We do hope this helps you program matters far better.#ITDateExtension#FacilitationDuringCovid#WeCarepic.twitter.com/HZZJSmN8g7
Money Tax India (@IncomeTaxIndia) July 2, 2020
It has also prolonged the deadline for furnishing tax audit experiences until October 31.
The moves are most likely to ease the stress of submitting taxes for folks and enterprises alike on account of the speedy-spreading COVID-19 illness, say tax experts.