Source of revenue tax go back submitting date prolonged to November 30 in aid for salaried elegance -

Source of revenue tax go back submitting date prolonged to November 30 in aid for salaried elegance

A remark issued by means of the Central Board of Direct Taxation now permits salaried people and small/medium taxpayers to record their source of revenue tax returns by means of November 30.

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In a large aid for taxpayers, the Central Board of Direct Taxation (CBDT) has prolonged the quite a lot of cut-off dates beneath direct tax and ‘Benami’ regulations.

As according to the remark issued by means of CBDT, salaried people will now have the ability to record their source of revenue tax go back until November 30, 2020.

In a similar fashion, small and medium taxpayers with as much as Rs 1 lakh self-assessed legal responsibility too can record their IT returns by means of November 30.

Along with extending the date for submitting returns, the CBDT has additionally prolonged the time limit for linking PAN with Aadhaar until March 31, 2021. Taxpayers who may no longer make funding declarations for tax deductions beneath exemptions may achieve this until July 31 for Review 12 months (AY) 2019-20.

The time for submitting authentic in addition to revised source of revenue for FY2018-19 (AY 2019-20) has additionally been prolonged until July 31, 2020.

In the meantime, the due date for the source of revenue tax go back for FY2019-20 (AY 2020-21) now stands prolonged to November 30, 2020. Source of revenue tax returns to be filed by means of July 31 and October 31, can now be filed by means of November 30 of this yr.

The submitting date for the tax audit file has additionally been prolonged to October 31, 2020.

Alternatively, there was no extension of the date for cost of self-assessment tax for the ones with self-assessed tax legal responsibility exceeding Rs 1 lakh.

The date for graduation of operations for Particular Financial Zone (SEZ) devices for claiming deductions or furnishing Tax Deducted at Supply (TDS)/ Tax Accrued at Supply (TCS) statements and issuance of TDS/TCS certificate has additionally been prolonged.

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