The Income Tax Department has extended the last date for filing Income Tax Return (ITR) for the financial year 2019-20 by one month. The Central Board of Direct Taxes (CBDT) has also issued notifications for this. This has brought a lot of relief to taxpayers during the Corona period.
It has become the last date for filing returns, the Income Tax Department has said that now common citizens can file their returns for the year 2019-20 till 31 December 2020. The last date for this was fixed November 30, 2020. Earlier, in May, the government had extended the last date for filing income tax returns for the financial year 2019-20 to 30 November 2020.
It has also increased the date, the government has extended the trust scheme till December 31, 2020, due to the dispute brought for settlement of tax disputes. Now such people can also avail the scheme through this scheme at no extra charge. Most salaried people are currently doing work from home. They have also benefited. Now they are saved from penalty and default etc. due to delay in filing returns.
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July 31 is the last date to file ITR for salaried class. October 31 is the last date to file ITR for the professional category. In this way salaried class has got 5 months extension whereas professional has got extension of 2 months.
Tax relief The Finance Minister said that the deadline for direct tax assessment has also been increased. Now it has been increased from 30 September to 31 December. He also said that TDS, TCS rates have been reduced by 25%. This will give a relief of Rs 50,000 crore to those giving TDS and TCS. Especially for non-salaried people, there will be great relief, that is, refund will be given to the professional immediately.