The CBDT has notified the Income Tax Returns for the F/Y 2019-2020 (A/Y 2020-2021) on 29th May, 2020. Glad to see this notified a day before than what the department committed. The 6 key changes in the notified Income Tax Returns (ITR) for the F/Y 2019-2020 are: 1. Joint House Ownership: Individual taxpayers who are joint owners of house property cannot file their annual income..
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 29th May, 2020 INCOME-TAX G.S.R. 338(E).- In exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely: <p..
The FM announced the economic relief package on the 13th of May 2020 to fight the COVID-19 crisis. In her announcement dated 13/05/2020, the Finance Minister announced various Direct Tax Changes. The objective of the relief measures is to form an "Aatma Nirbhar Bharat". To fulfill the objective the FM announced various relief measures to be given to the MSMEs. In her speech, the FM announced the extension of the due date to file the Income Tax Return and Tax Audit for the Financial Ye..
Many individuals procrastinate when it comes to filing their income tax returns, especially those who are filing their tax returns for the first time. All individual taxpayers having a total income of more than Rs. 2.5 lakh are required to file the income tax returns on or before the due date...
Form 26AS is a tax credit statement maintained by the Department of Income Tax. Form 26AS can viewed and downloaded on the TRACES Portal ..
The CBDT announced that it will be revising the ITR Forms for the financial year 2019-20. The revision in ITR(Income Tax Return) Forms is to enable taxpayers to avail benefits of the timeline extension due to COVID-19. The FM had announced that the date for various investments eligible for the Income Tax Deduction has been extended till the 30th June 2020. Also, a donation made to PM Cares Fund till the 30th June was eligible for deduction in the Income Tax Return of FY 2019-2020. Generally, the revision in ITR Forms is made in the first week of April. But in the wake of COVID-19 the govern..
The due date to file Income Tax Return for FY 18-19 has been extended to the 30th June 2020 and the due date to file GSTR-3B due in the month of March, April, and May has also been extended to the 30th June 2020. The due date for filing GST Annual Return for the FY 18-19 has also been extended to the 30th June 2020..
The Hon'ble FM due to the outbreak of COVID-19 announced the extension of various statutory due dates for the taxpayers via a video press conference. The taxpayers had been demanding extension due to the inconvenience caused amidst the COVID-19 outbreak. Various compliance dates have been extended to the 30th of June 2020 and relaxations have been given in form of reduced interest rates. The ITR due date for FY 18-19 has been extended to 31st March 2020 and GSTR due dates for the month of March, April, and May 2020 have been exten..