The finance ministry has rejected the demand for further extension of the last date for filing returns where audit is required beyond February 15. Last month, the government had extended the income tax return (ITR) filing deadline for individuals till January 10, and for companies till February 15.

The government on Wednesday further extended the deadline to file income tax returns for the financial year 2019-20 (assessment year 2020-21) for individual taxpayers by 10 days till Jan 10, 2021, in wake of the ongoing Covid-19. In addition, the deadline for filing ITR for the financial year 2019-20 by companies has also been extended … Continue reading Deadline to file ITR extended till January 10

The government on Saturday extended the deadline to file income tax (I-T) returns by individual taxpayers till December 31 for the financial year 2019-20 (FY20) in the wake of ongoing Covid-19 crisis. The Centre had in May extended the date for filing ITR for FY20 from July 31 to November 30.

The income tax department on Wednesday extended ITR filing deadline for assessment year 2019-20 (financial year 2018-19) from September 30 to November 30 due to Covid-19 situation. In another set of notification, the tax department stated that it has issued refunds worth over Rs 1.18 lakh crore to over 33 lakh taxpayers in six months … Continue reading ITR filing deadline for FY19 further extended

The new provisions relating to tax collection at source (TCS) kick in from October 1. The dire economic situation arising out of the pandemic and certain ambiguities in these provisions has led several CA associations to make a joint representation to the finance minister.

Taxpayers will not be required to mention their high-value transactions in their income tax returns, officials in the know of the development said. “There is no such proposal to modify income tax return forms,” an official said, responding to reports of the proposed expansion of reportable financial transactions to include hotel payments over Rs 20,000, … Continue reading No need to include high-value transactions in ITR

The Central Board of Direct Taxes (CBDT) on Saturday said that the new and revised Form 26AS will facilitate voluntary compliance, ensure tax accountability and help in easy e-filing of income tax returns (ITRs). Stating the new forms to be faceless hand-holding of taxpayers, the CBDT said it will enable taxpyers to file their ITRs … Continue reading New Form 26AS will facilitate easy filing of ITR

In view of the challenges faced by the taxpayers in meeting statutory and regulatory compliance requirements due to coronavirus, the CBDT on Wednesday extended the deadline for filing income tax returns for the 2018-19 fiscal by a month till July 31, 2020. It has also extended the time limit for linking biometric Aadhaar with PAN … Continue reading ITR filing deadline for FY19 extended till July 31

In a big relief for taxpayers, finance minister Nirmala Sitharaman on Wednesday announced key reforms in the tax structure which consists of an extension of due date for filing tax returns, reduction in TDS/TCS rate for non-salary payments, EPF support for business and workers, fast track processing of pending funds and Vivad se Vishwas Scheme … Continue reading Relief for taxpayers: ITR filing date extended, EPF contribution reduced