Date of filing #IncomeTaxReturn for current financial yr,extended from 31stJuly,to 30thNov2020
TaxAudit date for firms,extended from 30thSep,to 31stOct
Date of issuance of Form16 by firms,extended from 30thJune to 15thAug
22 lakh nil return payees,can soon,file #GSTR3B via Sms
*All the aforesaid dates are with reference to financial year 2019-20,ending on 31st March 2020.
Date for starting operations by new #SEZs,for claiming tax holiday via Sec10AA of IT Act,extended to Sep 30th2020
Linking PAN with #Aadhaar extended to March 31st2021
Date for #SelfAssessment,till 1 lakh, extended to 30thNov2020
No extension of SA for tax liability over 1 lakh
Govt has cut TDS rates applicable for non-salaried payments,to provide more funds to taxpayers
#TDS for non-salaried specified payments made to residents&rates of #TCS for specified receipts reduced by 25%
Reduced TDS&TCS rates will remain valid till March 31,2021
#TaxRelief
Reduced #TDS rates will be applicable on payments such as👇
TDS on #Rent exceeding Rs 50000 per month
#Dividends from mutual funds &companies
TDS on #FixedDeposits,all payments for contracts,interest, commission/brokerage
Reduction in TDS&TCS does not mean lower tax liability
An individual has to pay tax on entire dividend/rent/interest as per income tax slab rate applicable to him/her eventually
But lower #TDS helps improve cash flows temporarily,as receiver has to compensate for the same,by paying higher self assessment tax,only later
#TaxRelief✌
However,if total self assessment tax payable by a person,exceeds specified limits,then advance tax is payable
Hence,increase in self assessment tax may lead to advance tax liability in some cases
Last date for filing ITR&revised #ITR for FY19,extended to 31stJuly2020
#TaxRelief
Last date for furnishing #TDS receipt for FY20,July31st 2020
For TCS receipt,15thAug,2020
For FY20,gov has also extended date for making investments for claiming deduction under #Section80C (LIC, PPF,NSC),#80D (Mediclaim)& #80G(Donations),to 31st July,2020,for FY20
#TaxRelief
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