13.1 C
Tuesday, November 30, 2021

Big relief to taxpayers, now revised ITR to be increased by 30 November

  • CBDT gave information to all through a tweet on 1 October, date extended for the fourth consecutive time
  • By 30 September, all taxpayers were required to fill ITR, Corona due to department’s exemption
  • CBDT extends date for revised ITRs for AY 2019-20 till 30th Nov. 2020

new Delhi. The Central Bureau of Direct Taxes (CBDT) has given a major relief to common taxpayers. Now they have got two more months to fill the ITR for the assessment year 2019-20. This means that now the assessment year has been extended from 30 September to 30 November, extending the last date of filling the 2019-20 ballot ITR and revised ITR. CBDT has given this information through its Twitter handle. The CBDT has said in its tweet that due to the growing discomfort to the common people in the era of coronavirus, this date has been extended for two more months. Let us also tell you what else has been said by CBDT.

Also read: GST taxpayers relief: mandatory e-invoicing on B2B transactions for one month

Date has been extended for the fourth consecutive time

CBDT has decided to extend the revised date for the fourth consecutive time. The last date for filing of the 2019-20 assessment year for the Belated and Revised ITR was from 31 March 2020 to 30 June, then deferred till 31 July then 30 September. Now this date has been extended to 30 November. Let us tell you that the government has already extended the income tax department for the financial year 2019-20, the last date for filing income tax returns. The last date to file income tax returns for the financial year 2019-20 is 30 November 2020.

Also read: Vodafone wins the 20,000 crores tax dispute case against the Government

Changes in TCS rules

On the other hand, from the same month, the Income Tax Department has issued a new rule on tax collected at source. According to which any e-commerce operator has been given the right to deduct TCS of one percent on goods and service cells from October 1. A new section 194-O has been added to the Income Tax Act 1961 in the Finance Act 2020.

Also read: CAMS, CAMCON IPO: Final Share Allotment, did you get it or not? Such taxes

Tax will be levied on sending money abroad

On the other hand, the central government has imposed tax on those sending money abroad from October 1. If your child is studying abroad and you are sending money to him, then he will have to pay an extra 5% tax collected at source (TCS). Earlier, under the Liberalized Remittance Scheme of the Reserve Bank of India, it could have remitted up to $ 2.5 lakh per annum, on which no tax was imposed, now it has been brought under the tax net.

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Source: www.patrika.com

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Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.
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