Income Tax Return & Audit Report Due Date Extended for FY 2019-20

Extension for Tax Returns & Audit Report Date

The date of filing the tax audit report and Income tax return for the financial assessment year 2020-21 has been extended by CBDT. The amendment in dates is being listed in the table below.

Compliance Nature	Financial Year	Actual Due Date	Last Extension of Due Date	Current Due Date
Belated Income Tax Return	2018-19	31st March 2020	30th September 2020	30th November 2020
Revised Income Tax Return	2018-19	31st March 2020	30th September 2020	30th November 2020
Return of Income (In case of TP Audit)	2019-20	30th November 2020	-	31st January 2021
Return of Income (Company Assessee)	2019-20	31st October 2020	30th November 2020	31st January 2021
Income Tax Return Where Audit is Compulsory	2019-20	31st October 2020	30th November 2020	31st January 2021
Return of Income (In case of a Partner in a firm whose audit is mandatory)	2019-20	31st October 2020	30th November 2020	31st January 2021
Income Tax Return (In Any other case)	2019-20	31st July 2020	30th November 2020	31st December 2020
Filing of Tax Audit Report And All Other Reports	2019-20	30th September 2020	30th November 2020	31st December 2020

For the assessment year 2020-21, the last date for furnishing the Income-tax return is prolonged, however, there is no relief given for the interest levied beneath section 234A if the liability for the tax is more than Rs 1 lakh. Hence if the tax liabilities for an assessee in self-assessment are more than Rs 1 lakh he should have to pay the interest in section 234A with the last date. Which is 31-07-2020 or 31-10-2020. Under the Act 234A, the interest will not be payable if the liability is less than Rs 1 lakh along with the file income tax return furnished within the last date in the subject of self-assessment.

Comments

Why Small Firms Should Consider Gen Payroll Software?

Businesses in this competitive era would be required to manage the payroll. Payroll software has multiple operations such as paying employees, following tax laws, managing employee benefits, filing important documents, and keeping accurate records. Businesses that manage tasks manually or with spreadsheets can result in inappropriate compliance and issues, wasting time in doing operations. Gen Payroll software arrives to manage payroll with accuracy and resolve the issues that come therein. The merits and demerits of Gen Payroll software are mentioned below. Gen Payroll Software Gen Payroll is a payroll management software made by SAG Infotech . It eases and automates the process of payroll. The software’s features are tracking employee attendance, calculating salaries, ensuring compliance with laws like PF (Provident Fund), ESI (Employee State Insurance), and TDS (Tax Deducted at Source), as well as generating payslips. Businesses, whether small or large, can use this software. ...

How ITR Software Assists Individuals in Filing Tax Returns

Every assessee's process of income tax return (ITR) filing is significant, as it contributes to Indian's economy. The Income Tax Department has made efforts to facilitate this approach in recent years, but numerous people still see themselves steering a difficult financial system, multiple tax deductions, miscellaneous exemptions, and changing tax laws. This complexity can turn what must be an easy task into a significant challenge. In this context, income tax software evolves into an important partner, presenting a useful variety of accuracy, efficiency, and reassurance. The software enables return filing that permits taxpayers to handle their financial responsibilities when complying with the law. 1. Accurate Tax Calculations An incorrect income tax calculation of taxes could result in messages from the Income Tax Department or missed refunds. The tax software helps in finding taxable income and tax deductions that you may be allowed, like insurance or home loans. The co...

A List of Top Chartered Accountant Software in India

Here, we introduce Genius as a helpful tax compliance software for chartered accountants in India. As we know, the taxation system is vast, with several taxes levied by the Indian government in the form of income tax, TDS, wealth tax, etc. So, instead of e-filing that many taxes, the need for software arises, which can e-file several taxes at once. SAG Infotech's developer team always gives new updates to the taxation industry. Genius Tax Software It is a complete package with facilities like Gen BAL, Gen IT, Gen CMA, Gen Form Manager, Gen e-TDS and AIR. Also, It provides maintenance aids of the database containing information of clients such as their address and telephone directory, partner’s details and signatory details. With Genius, one can also grow with your business. Genius is an unlimited tax return filing software for clients in such a way that one can backup, restore data set passwords, etc. While the help option gives a solution for any of your problems. Another fa...

SAG Infotech: Need Tax Software (Call 0141-4072000)

Search This Blog