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Thursday, May 14, 2020

Big relief to taxpayers, date for filing income tax return extended till 30 November 2020

INCOME_TAX

The date of filing of Income Tax Return (ITR) has been increased from 31 July to 30 November 2020. The income tax return for the financial year spent every year was filed till 31 July 2020.

Finance Minister Nirmala Sitaraman discussed in detail on Prime Minister Narendra Modi's mission self-reliance today. How will the 20 lakh crore rupees package be used to speed up the economy. Details of who will get it and what will be the benefit from the companies to the common man, were shared.

ITR date extended


Finance Minister Nirmala Sitaraman said that companies whose tax disputes are pending under the trust scheme from the dispute can pay tax without interest till 31 December 2020. At the same time, TDS-TCS rates will be cut by 25 percent by March 2021.

For the financial year 2019-20, the duty date of all income tax returns will be increased from 31 July 2020 and 31 October 2020 to 30 November 2020. The date of tax audit has been increased from 30 September 2020 to 31 October 2020.


This relief given for tax

TDS for non-salary payment, TCS rate for specified receipts is being reduced by 25% from the current rate till 31 March 2021. With this, the liquidity of 50000 crore rupees will remain in the hands of the people. This decision will be implemented from tomorrow itself. All pending funds will be given immediately to the Trust, LLP in income tax. TDS is deducted at various sources of income. This includes salary, interest or commission on any investment.

Decisions related to tax and what happened

The assessment date, which ends on 30 September 2020, has been extended to 31 December 2020. The assessment date ending on 31 March 2021 is being extended to 30 September 2021. Due to the dispute, the payment period is being extended to 31 December 2020 without additional amount in the trust scheme.

 

Income tax: Older TAX slab better or newer in lockdown? Understand the whole thing here:

Income tax: The new tax slab is optional for an individual or undivided Hindu family (HUF). It has been brought under the Finance Act 2020. Rates have been reduced significantly in the new slab.

Income tax: By the financial year 2019-20, you have been getting income tax rebate or paying tax according to the traditional tax slab. But now from the financial year 2020-21, the government has also introduced a new tax slab. In such a situation, there is a question before the taxpayers whether to adopt the old slab or the new slab. Let me tell you, the new tax slab is optional for any individual or undivided Hindu family (HUF). It has been brought under the Finance Act 2020. Rates have been reduced significantly in the new slab. However, the new rates come at the cost of special tax rebates and tax cuts, which are currently available in the old slabs.

A new slab is beneficial

The new slab for income tax payers is only beneficial if the tax savings are reduced due to earlier exemptions and deductions. Every employee who has opted for the exempted tax slab will have to inform his employer of all the previous years. It is important to understand the situation of lockdown due to covid-19.

Income_tax_sector

TAX Benefit up to Rs 78,000

Employees' income may be affected due to the ongoing coronavirus epidemic in India. Salary cut and other apprehensions are a big reason in this. Also, he can arrange cash on the basis of investment made for a long time. The new tax slab will provide relief to those who want to choose a low-rate tax system and are not ready to invest in the long term. In the present situation, a maximum tax relief of up to Rs 78000 can be obtained without any investment in the new slab. The new slab provides money in the hands of the employees even under adverse circumstances, so that they can do their subsistence even in bad times.

Which option is beneficial for both?

Dr. Suresh Surana says that those who have a good income or have enough money to save can consider calculating the benefits on both slabs. However, if the employee has enough money for investment purpose before the end of the financial year, he can invest money in a particular option and can also choose the old slab in the tax return, seeing the advantages.

Those who have income from business, always choose only the beneficial slab, because tax slab can be changed only once. So everyone should select a slab by assessing their current time, income level and investment capacity, liquidity and fund requirement and risk appetite in a crisis.

(Dr. (CA) Suresh Surana, Founder, RSM India)


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