Slight relief for taxpayers; ITR filing deadline extended to 31st August
Policies/Schemes

Slight relief for taxpayers; ITR filing deadline extended to 31st August

Income Tax
Income Tax

The finance ministry on Tuesday extended the last date for filing income tax returns for the FY20 assessment year. It happened so when many individuals and entities appealed the government to allow adequate time to taxpayers to file their returns.

The extension of the due date applied to all taxpayers liable to file their tax returns by 31 July, the original due date. This applies to assessees other than corporate taxpayers and a few others, including non-corporate entities, the books of which need not be audited, said the Central Board of Direct Taxes (CBDT).

Some taxpayers were reportedly facing troubles in filing their tax returns because of several reasons, including the extension of date for issuing “Form 16,” the tax deducted at source (TDS) testimony given by employers, stated the CBDT order.

The tax department had earlier made changes in the format of tax returns and the TDS certificates. It had also made changes in the rules for filing TDS returns by employers.

Returns for the assessment year 2019-20 relate to income earned in the financial year 2018-19. The tax department ordinarily allows a short delay if the public faces any difficulty in meeting the deadline and a longer extension for assessees in states where unusual events such as a natural calamity are reported.

Advisors stated the changes to the TDS certificate format notified in April needs employers to give the break-up of all the tax-exempt payments to the employee. Form 24Q that employers have to file with the tax department, too, has been revised to provide the break-up of gross salary in terms of the value of perquisites and profits in place of salary.

Bifurcation of tax-exempt grants and the various deductions alleged have also to be given. The move is part of an effort to reduce vagueness in filing returns and to make assessment easier by carrying finer details.

The Union budget for FY20 also advised that return filing will be mandatory for even those who fall below the basic exemption limit of ₹2.5 lakh annual income if they get into specified high-value purchases such as spending on foreign travel.

Follow

Advertisement

Log in

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy