Changes in income tax rule need to know

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Permitting exceptions to the taxpayers during the spread of COVID 19 the income tax department has relaxed various deadlines related to the income tax return (ITR) filing procedures. Last month Finance minister Nirmala Sitaram had announced various consent related to giving relief to the taxpayers and currently, the COVID 19 graph still shows an upward trend and the deadline date has been extended.

Following are the seven changes in the income tax rules:

  1. The final date for filing the overdue or revised ITR for the fiscal year 2018-19(AY 2019-20) was extended till June 30. Earlier it was March 31 now, the deadline has been further extended till July 31.
  2. Normally the final date for ITR filing for the salaried class was July 31. Now the deadline has been further extended to 30th November. Consequently, the income tax returns which are to be filed by July 31 or October 31 can be filed up to 30th November 2020. In addition to that, the last date for filing a tax audit report has also been extended to October 31.
  3. The last date for filing various investments or payments for claiming income tax deduction under sec 80 C (LIC, PPF, NSC), 80 D (medical claim), 80 G (donations) has been further extended to July 31.2020. These extensions will be useful for those investors who still haven’t do their tax savings investments.
  4. The last date for payment of self-assessment tax in the case of self-assessment taxpayer whose tax liability is up to Rs 1 lakh has been extended to 30th June.
  5. The last date for claiming benefit or deduction regarding capital gains under section 54 to 54 B of the IT Act has been further extended to September 30, 2020.
  6. The last date for giving TDS and TCS statements for the fiscal year 2019-20 also been extended to July 31, 2020, and August 15, 2020, respectively.
  7. The final date for linking the Aadhaar with Pan has also been extended to 31 July.

 Assesses, now have more time to file your income tax returns for the previous financial year.

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