Income Tax Returns: The Covid pandemic has brought to a stop a ton of things with cross country lockdown influencing most organizations and people. The dates to document Income Tax Returns have additionally been stretched out to facilitate the weight on individuals. The typical date for documenting ITR for the monetary year of 2019-20 would have been July 31, 2020. Be that as it may, the public authority has observed and given some significant concessions with regards to documenting your ITR because of the overall pandemic.
People would now be able to document their ITR by December 31, 2020. This is an augmentation after the due date was at that point pushed back from July 31 to November 30. The ITR will even now be evaluated for the period between April 1, 2019 and March 31, 2020.
The other important dates relating to Income Tax are the following:
1. A fresh due date has also been issued for filing ITRs for taxpayers whose accounts require to be audited and it has been extended to January 31, 2021.
2. The due dates have been stretched out to assist citizens with getting more opportunity to record their annual government forms with the consent of the Central Board of Direct Taxes (CBDT).
3. Businesses and people will likewise get more opportunity for different review reports under the Act, including charge review report a lot in regard of worldwide/determined homegrown exchange. The new date for documenting these will be January 31, 2021.
4. The new date for filing various audit reports under the Act has also been extended to December 31, 2020.
5. The I-T department also extended the deadline for small taxpayers, or those with a tax liability up to Rs 1 lakh, based on self-assessment to January 31, 2021.
6. The change in dates was brought about by an ordinance brought by the government called the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 on March 31, 2020 which has now been replaced by Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act.