AS PER THE NOTIFICATION, THE LAST DATE FOR THE PAYMENT OF ADVANCE TAX HAS BEEN EXTENDED TO JUN,2020 FROM MAR, 2020. THOUGH, THE SELF ASSESSMENT TAX PAID ON 08.06.2020 FOR BALANCE TAX TO BE PAID FOR THE FY 2019-20, ONLINE ITR IS CALCULATING THE INTEREST FOR THE DELAYED PAYMENT UNDER SEC.234 B & C. WHY? IS IT WRONGLY CALCULATING OR MY UNDERSTANDING IS WRONG. PLEASE CLARIFY.
Income Tax Payment Due Date 2020: Section 234E, which includes penalties for delay in income tax return filing, will not be applicable if a person files its return before the extended date of return.
Check why you should pay advance tax before June 30.
Income Tax Payment Due Date 2020: In one of her recent press conferences, Finance Minister Nirmala Sitharaman announced that the due date for Income Tax Return filing for AY 2020-21 has been extended to 30th November 2020 from July/October 2020. The Central government has also extended the date for payment of advance tax for FY 2019-20 to 30th June 2020. The extension of the last date of income tax return filing will benefit those who don’t have to pay advance tax. However, for taxpayers under the advance tax bracket, it is advisable to deposit taxes before June 30 to avoid any interest on ta liability, according to Sameer Mittal, Managing Partner, Sameer Mittal and Associates LLP and Chairman, International Trade Council in India.
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