To facilitate the interest of the public at large due to the outbreak of Novel Corona virus, the central Government has extended the deadlines for various compliance procedures to the taxpayers. The following points highlight the changes made in the ordinance:
- The due date for filing the tax return for the Assessment year 2019-20 has been extended to 31st July, 2020. This includes those taxpayers who have not filed their return during that particular Assessment Year and also those who need to revise their existing return filed with the Income tax.
- The due date for filing the tax return for the Assessment Year 2020-21 has been extended to 30th November, 2020. Also the due date for filing the tax audit report has also been extended to 31st October, 2020.
- To facilitate the small and middle tax payers whose self assessment tax liability is upto Rs. 1,00,000, the due date for such class of tax payers has been extended to 30th November, 2020. This is not applicable for those tax payers whose self assessment tax liability exceeds Rs. 1,00,000.
- The due date for making investments for which deduction can be claimed under sections 80C to 80U while computing the total income of a person has also been extended to 31st July, 2020.
- To claim the Roll over benefit/ Deduction in respect of Capital gains under section 54 to 54GB has been extended to 30th September, 2020.
- The date for commencement of operation for the SEZ units for claiming deduction under section 10AA of the Income Tax Act has been further extended to 30th September, 2020. This is applicable for units which got their approval to start before March 31, 2020.
- The due date for furnishing of TDS/TCS statements and issuance of TDS/ TCS certificates pertaining to the FY 2019-20 has been extended to 31st July, 2020 and 15th August, 2020 respectively
- The reduced interest rate of 9 Percent for delayed payment of taxes and levies shall not be applicable for payments made after 30th June, 2020.
Keeping these important points in mind we have presenting you 8 important tasks you should undertake to ensure you comply with the procedures before 30th June, 2020
- Link PAN with Aadhar before June 30, 2020
- File revised return In case of any changes are required in the return filed for the Assessment Year 2019-20.
- Get form 16 from the company and cross check to ensure correct tax has been deducted by your employer.
- Deposit money in small saving schemes like PPF, sukanya samridhi account etc to avoid fines in case you have opened and not deposited any amount under that scheme.
- Invest in tax saving schemes that qualify for deduction while computing total income. In case if you have not invested, this is the right time to invest so as to save tax liability.
- In case if your PPF or Sukanya Samrudhi Yojana account has reached its maturity and you wish to continue the same instead of withdrawing, you have time to do so till June 30, 2020
- In case if you are superannuating from your service between February and April 2020 you can invest in Senior citizen saving scheme account till June 30 to avoid tax liabilities on retirement benefits you receive.
- Submit form 15G/15H to avoid TDS before the deadline as the validity of the forms has been extended till June 30, 2020.
In case if you need any assistance to carry out any of these, You can contact us at +91 88076 38684
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