Extended of due date of ITR filing (AY 2020-21) up to November 30.
On Wednesday, Finance Minister Nirmala Sitharaman announced that the due date for Income Tax Return(ITR) filing for Assessment Year 2020-2021 has been extended from July 31 to November 30.
Also, the due date for tax audit has extended to October 31, 2020. FM announced the TDS rates for all non-salaried payment to residents and tax collected rate will be reduced by 25 % of the specified rates for the remaining period. The measure that will release Rs 50,000 crore liquidity will be for payment for a contract, professional fees, interest, rent, dividend, commission, brokerage, etc.
The cut-off date for making investment or payments for claiming deduction under Section 80C (LIC, PPF, NSC, ELSS mutual funds, etc.), 80D (Mediclaim), 80G (Donations), etc. for FY 2019-20 has been extended till June 30. moreover, the dates for making an investment, construction or purchase for claiming rollover benefit for capital gains under has also been extended till June 30.
The minister announced that all pending refunds for charitable trusts and non-corporate businesses and professions, including proprietorship, partnership, LLP and co-operatives will be issued immediately.