The last date for filing returns for the financial year 2019-20 (Assessment Year 2020-21) has been extended till November 30.
July 31, 2020 is the deadline for filing original and revised returns for financial year 2018-19 (Assessment Year 2019-20).
The last date for furnishing tax audit report has also been extended till October 31.
Time limit for making investments to claim income tax deduction has been extended by a month till July 31, 2020
The government has capped the late fee charged on late GST filing at Rs 500 per return if filed before September 30 this year, and has made it zero for those with nil tax liability, in a bid to clear the ongoing mess in the GST system.Under previous provisions, even those eligible for nil tax were to cough up large amounts of late fee. Earlier, the late fee was Rs 200 per day, with a cap of Rs 10,000 per return. The late fee relates to filing of the form GSTR3B, or the summary input-output returns.
Planning to file your income-tax returns early but are not able to in the absence of Form 16? Seems you might have to wait longer as the Centre has extended the date for issuance of Form 16 by employers until August 15 in view of the ongoing coronavirus pandemic.The decision came on the heels of the deadline for filing of tax deducted at source (TDS) returns being extended to November 30. However, in the absence of Form 16, those looking to file their tax returns early could do so using their salary slips and Form 26AS. But that is a relatively complicated and lengthy process and the chances of errors are higher.
Not linked your PAN with Aadhaar yet? No worries, the income tax department has once again extended the deadline for linking of Permanent Account Number (PAN) card and Aadhaar card. Now, you have time till March 31, 2021 to link your Aadhaar card with PAN card.
The Central Board of Direct Taxes (CBDT) has now amended Income Tax rules to prescribe certain exemptions which can be availed by the employees. These include any allowance granted to meet the cost of travel on tour or on transfer, any allowance, whether, granted on tour or for the period of journey in connection with transfer, to meet the ordinary daily charges incurred by an employee on account of absence from his normal place of duty.It also includes exemption for any allowance granted to meet the expenditure incurred on conveyance in performance of duties of an office or employment of profit, provided that free conveyance is not provided by the employer. Besides, in a big tax relief for Delhi's unauthorised colonies that were regularised last year, the government has exempted owners from income tax even if they had purchased land or house at rates below the prevailing market price.