Income Tax Return- ITR Filing Date Extended by 5 Months till 30th November
The Income Tax (I-T) Department has extended the last date to file I-T returns (ITR) till 30 November 2020 due to the corona virus (COVID19) pandemic. 
 
In a tweet, the I-T department says, "Understanding and keeping in mind the times that we are in, we have further extended deadlines. Now, filing of ITR for FY2019-20 is extended to 30th November 2020."
 
As has been norm, the last date for filing tax returns is 31st July. However, this time, due to the COVID19 outbreak, the I-T department has given an extension of five months.  
 
 
Earlier this week, the I-T department had extended the last date for tax saving investments and payments for FY2020 till 31st July. This would allow taxpayers invest for claiming certain deductions under the I-T Act for FY2020 till 31 July 2020. 
 
In May, the government had extended the date of assessments getting barred on 30th September  to 31 December 2020 and those getting barred on 31 March 2021 to 30th September next year.
 
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    COMMENTS

    mywopy

    1 month ago

    They should stop making tax payers lives miserable, with too many dates to remember, tax due dates, installment due dates, 100's of sections, plenty of forms.

    Why do we need such complications in a country where very few citizens are paying tax.

    Modern working life is already too complicated and difficult to manage.

    It is not that we don't want to pay tax, but the very thought of being in compliance with the tax laws, installments and due dates is only creating more stress for the working citizens.

    Abolish Income Tax and Introduce Banking Transaction Tax for God's sake.

    rs235m

    1 month ago

    This is not a big favour as 75% tax has been paid in 3 instalments.

    Late fee on GST returns capped to Rs500 till July
    In a major relief to the GST taxpayers, the government has decided to cap the maximum late fee for Form GSTR-3B at Rs 500 per return for the extended tax period of July 2017 to July 2020 subject to the condition that such returns are filed before September 30, 2020.
     
    The Central Board of Indirect taxes and Customs (CBIC) has notified that there will be nil late fees if there is no tax liability; and, if there is any tax liability then a maximum late fee of Rs 500 per return would be applicable to such GSTR-3B returns filed upto September 30.
     
    Earlier, the GST Council in its meeting on June 12 decided to reduce the late fee on the filing of GSTR-3B returns for the period between July 2017 and January 2020 to Rs 500. For February, March and April, it reduced interest rate on late payment for small taxpayers while exempted this category from late fee, if the returns in FORM GSTR-3B for the supplies effected in the months of May, June and July, were furnished by September end.
     
    CBIC said that various representations were received to give further relief in late fee charged for the tax periods of May 2020 to July 2020, in addition to earlier provided relief for February 2020 to April 2020 and relief provided for cleaning up past pendency of returns from July, 2017 to January, 2020.
     
    Also, a uniform late fee is simpler in design and easier to implement on automated common portal. So the late fee is capped at Rs. 500 only per return, a CBIC statement said.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    GSTN launches SMS facility for Nil filing of GSTR-1
    Goods and Services Tax Network (GSTN), the technology backbone of GST system, on Wednesday launched the facility of NIL filing of GSTR-1 through SMSes.
     
    This will benefit approximately 12 lakh taxpayers who can now file their return without loging in to the GST portal. To avail the facility, taxpayers are required to send in a prescribed format.
     
    Along with the SMSes, the facility to file returns on the portal will also be available as usual.
     
    NIL return for the Form GSTR-1 can be filed on a monthly as well as quarterly basis. This is the back-to-back deployment of SMS facility for filing of NIL return by GSTN within one month.
     
    Since June 8, taxpayers are allowed to file their GSTR-3B return through SMSes.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    COMMENTS

    gsthead01

    4 weeks ago

    Hi , this is a important information is very useful during the lockdown situation like this during pandemic ... Filing Nil GSTR 1 via sms is a very good initiative by the government

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