All Important Dates of Income Tax Return Filing For Taxpayers

Did you furnish the income tax return ITR in FY 2019-20? If not then December 31 is the last date for filing the same. The Income-tax department has again prolonged the last date to file the ITR so as for a simpler filing procedure for the taxpayer seeking the pandemic. It means that the people have the time till the finish of this year to furnish their return on the earned income between April 1, 2019, and March 31, 2020, rather than November 30. July 31 is the due date for filing the ITR for all the taxpayers whose accounts are not needed to be audited.

Income Tax Return (ITR) Filing: Important Dates At A Glance

The prolongation of the date is for the sake of the assessee that there will be more and more time given to them so that they can furnish their due ITR as per the Central Board of Direct Taxes (CBDT), the highest policy body made by the income tax department.
January 31, 2020, is the prolonged date to file the ITR for the assessee whose accounts need to be investigated by the audited team.
January 31, 2021, is the prolonged date to file for several audit reports beneath the act which consist of the income tax audit reports and report with respect to international/specified domestic transactions.
December 31, 2020, is the proposed date for filing several audit reports beneath the act which consists of a tax audit report and report in regard to international/specified domestic transaction.
The income tax department indeed prolonged the last date for small assessees or for the people whose tax liability with Rs 1 lakh relied on the self-examination till January 31, 2021. In June the last date for furnishing for self-assessment taxes if the liabilities gets prolonged for more than ₹ 1 lakh to give exemption to small and middle-class assessee. The last date of November 30 was settled for the event by doing or not doing the audit.

Comments

GST Collection of August 2024 Reaches INR 1.75 Lakh Crore

Concerning the financial front, gross GST collections for August 2024 show a strong 10% growth, reaching approximately ₹1.75 lakh crore. This surge, driven by robust domestic consumption, led to a 9.2% increase in GST revenues from domestic transactions to approximately ₹1.25 lakh crore. Revenue from imported goods also saw a substantial rise of 12.1%, totalling ₹49,976 crores. Despite the overall growth, there was a slight decrease from the ₹1.82 lakh crore collected in July 2024 when compared month-on-month. However, industry experts remain optimistic. They point out that the 10% year-on-year increase at the commencement of the festive season is a strong indicator of sustained and potentially growing consumption in the upcoming months. The government's ongoing efforts to simplify the GST process, especially through measures such as adjusting rates to lower working capital expenses, have been positively acknowledged. This dedication is also evident in the ₹...

Gen Online Payroll Software for Small Business in India

In today's digital world, every person and businessperson works very hard to manage data manually, which can be a time-consuming and labour-intensive task, particularly when information needs to be constantly updated and verified. Likewise, managing large volumes of employee-related data can be a challenging and overwhelming task for HR professionals. Therefore, to address the workload and complexity of these tasks, the IT sector has developed Payroll software. In recent years, we have seen a huge growth in the number of Payroll software options. Yes, there are many types of HR Payroll software available in the Indian market at present. If you're looking for a reliable and popular payroll software option, you can choose Gen Online Payroll software, brought to you by SAG Infotech. Whether the business is medium or small, Gen Payroll software can make managing numerous important tasks of a human resources manager hassle-free. The Online Payroll software assigns a unique ID t...

GST: Assessees Must E-file Their Tax Returns by 30th Nov 2024 to Claim Pending ITC

If you are a GST-registered assessee you need to consider the due date to avail of any due Input tax credit or revised errors/omissions for the FY 2023-24 is November 30, 2024, via submitting the appropriate GST forms. Missing the due date can produce an outcome of a financial loss as the unclaimed ITC could not be used to offset your output tax obligation. What is the Method to Claim the Due ITC or Revised GST Errors for the FY 2023-24 It was stressed by the tax experts that the GST law specifies the procedure to claim the due ITC via GSTR-3B and amend errors in GSTR-1. Filing GSTR-1: Errors induced in GSTR-1 can be rectified by making amendments in the following GSTR-1 filings. Filing GSTR-3B: Via the GSTR-3B return the obligated ITC can merely be claimed. November 11, 2024, was the due date to submit the GSTR-1, and November 20, 2024, is for GSTR-3B without any penalty. Both the outcomes can be provided till November 30, 2024, as per the late fees. R...

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

Search This Blog