Extension in filing income tax returns: In view of the Corona crisis, the government has extended the income tax filing dates in view of the problems of tax payers.
New Delhi: The government has extended the deadline for filing income tax statement for the financial year 2018-19, the government has extended the deadline for filing the original or revised income tax return for the financial year 2018-19 till 31 July 2020. According to a release issued by the Central Board of Direct Taxes, the deadline for filing income tax returns for the financial year 2019-20 has also been extended till November 30, 2020.
Thus the income tax returns that were to be filed by 31 July 2020 or 31 October 2020 can now be filed by 30 November 2020. Along with this, the deadline for submission of tax audit report has been extended till 31 October 2020.
To give relief to small and middle class taxpayers, the government has also extended the deadline for payment of self-assessment tax in the case of a taxpayer, whose self-assessment tax liability is up to Rs 1 lakh, to file the return by 30 November 2020. can do.
However, there will be no extension of the date of payment of self-assessment tax for taxpayers, with self-assessment tax liability exceeding 1 lakh. In this situation, full self-assessment tax will be payable by the due dates specified in the Income Tax Act, 1961 (IT Act) and deferred payment will also have to pay interest under Section 234A of IT Act.
CBDT recently notified the Income Tax Return Form 1 to Form 7 for the Assessment Year (AY) 2020-21. Income tax return filing is currently available only to those for the assessment year 2020-21. ITR 1 and ITR 4 want to be filed. The Income Tax Department has informed that ITR1 and ITR4 are available for e-filing for AY 2020-21 while other ITRs will be available soon. The last date for filing ITR for AY 2020-21 has also been extended.
The date of payment of advance tax has also been increased to 30 June 2020.
The Central Government has also extended the date of payment of advance tax for the financial year 2019-20 to 30 June 2020. The deadline for the issuance of Form 16 for June 10, 2020 was also extended to June 30, 2020. And for those who could not complete their tax-saving exercises by March 31, 2020 due to the lockdown enforced by the Corona virus, the government extended the date to June 30, 2020. It is important to note that there has been no change in the financial year and has just been expanded to meet the tax savings for FY 2019-20.