The federal government has, within the current previous, prolonged a slew of deadlines to ease the method of submitting authentic and revised earnings tax returns for assesses in wake of the coronavirus pandemic and resultant nation-wide lockdown. The Central Board of Direct Taxes (CBDT) has prolonged the time restrict for submitting earnings tax (I-T) returns, making investments to assert earnings tax deductions and for furnishing and issuing TDS (tax deducted at supply) and TCS (tax collected at supply) statements and certificates.
The federal government has additional prolonged the deadline for submitting earnings tax (I-T) returns for monetary yr 2019-20. The final date for submitting returns for the monetary yr 2019-20 (Evaluation Yr 2020-21) has been prolonged until November 30, 2020, the Central Board of Direct Taxes – the apex policymaking physique for the Earnings Tax Division – mentioned in a press release. Due to this fact, the return of earnings earned between April 1, 2019 and March 31, 2020, which was due by July 31, can now be filed by November 30.
Equally, the Central Board of Direct Taxes (CBDT) has set July 31, 2020 because the deadline for submitting authentic and revised returns for monetary yr 2018-19 (Evaluation Yr 2019-20). Assesses must file their returns for earnings earned between April 1, 2018 and March 31, 2019 by July 31, 2020.
The final date for furnishing tax audit report has additionally been prolonged until October 31.
CBDT has additionally prolonged the time restrict for making investments to assert earnings tax deduction by a month until July 31, 2020. It additionally eased the final date for furnishing and issuing TDS (tax deducted at supply) or TCS (tax collected at supply) statements/certificates pertaining to monetary yr 2019-20 to July 31 and August 15 respectively.
Taxpayers are allowed a spread of deductions towards funding in life insurance coverage, provident fund (Part 80C of the Earnings Tax Act) and medical insurance (Part 80D) for monetary yr 2019-20.
The Earnings Tax Division has additionally allowed assesses to assert deductions in capital positive aspects arising out of investments, building and purchases made until September 30, 2020. Capital positive aspects tax is the tax payable on sale of belongings akin to equities and mutual funds.