Right here Are Some Money Tax Deadlines To Hold In Thoughts

Ruben Fields
July 5, 2020

Taxpayers are allowed a range of deductions against investment in various insurance products.

The decision to move the date for filing ITR returns came in the wake of coronavirus pandemic.

Income tax department has issued Rs 62,361 crore of pending refunds to 20.44 lakh taxpayers between April 8 and June 30, the Central Board of Direct Taxes (CBDT) said Friday.

"Understanding & keeping in mind the times that we are in, we have further extended deadlines".

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With effect from 1 July 2020, new tax deducted at source (TDS) rules are applicable on cash withdrawals. Now, filing of ITR for FY 2019-20 is extended to 30th Nov, 2020. The last day for submitting returns for the financial calendar year 2019-20 (Assessment Yr 2020-21) has been prolonged till November 30, 2020, the Central Board of Immediate Taxes - the apex policymaking overall body for the Money Tax Section - explained in a assertion.

And, for those who were not able to complete their tax-saving exercise by March 31, 2020 because of the COVID-19 led lockdown across the country, the government had already extended the date till July 31, 2020. Assesses have to file their returns for profits acquired concerning April 1, 2018 and March 31, 2019 by July 31, 2020.

The Department processed 20.44 lakh cases within the 56 week days in this period. On April 8, the department said that in view of the Covid-19 crisis, it has made a decision to immediately issue income tax refunds of up to five lakh rupees.

"Issuance of TDS/TCS certificates for FY 19-20 extended to August 15, 2020", it added. Funds gains tax is the tax payable on sale of assets these types of as equities and mutual money.

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