Govt extends deadlines for filing tax returns for the F.Y.2019-20 up to 31st.December 2020, With Automated Income Tax Preparation Excel Based Software All in One for the Govt and Non-Govt(Private) Employees for F.Y.2020-21 with New and Old Tax Regime U/s 115BAC for F.Y.2020-21
In the midst of the progressing helpful and economic
steps to address the effect of COVID-19, the government has also taken a
a large number of measures to guarantee that individuals from various strolls of
society doesn't feel the touch of the lock down forced because of the pandemic.
The government isn't just attempting to 'level the
bend' of coronavirus contamination, however, is all the while attempting to help
people and organizations to adapt to the money related effect of COVID-19 by
presenting a blend of monetary and tax relief measures.
Against the above setting, from a singular tax point of
view, the government has found a way to give relief; it brought the Taxation
and different Laws (Unwinding of Specific Arrangements) Law, 2020 [the
Ordinance] on Walk 31, 2020, which, bury Alia, extended different time cutoff
points of tax compliance.
So as to give further relief to taxpayers, the government gave a Notice on June 21, 2020, wherein as far as possible for recording singular personal tax return for the F.Y. 2019-20 & Assessment Year 2020-21 has been extended from July 31, 2020, to November 30, 2020. Further, the date of outfitting of review report under any arrangements of the Personal Tax Act, 1961 has been extended to October 31, 2020. Download Notification no. S.O. 2033(E) dated 24 June 2020
Besides, so as to give relief to taxpayers, the date
for the installment of self-assessment tax on account of a taxpayer whose
self-assessment tax risk is up to Rs 1 lakh, has also been extended to November
30, 2020.
Be that as it may, it has been explained that there
will be no augmentation of date for the installment of self-assessment tax for
taxpayers having self-assessment tax risk surpassing Rs 1 lakh.
For this situation, the self-assessment tax will be
payable by the due date indicated in the Annual tax Act, 1961 (IT Act), for
example by July 31, 2020, and deferred instalment would draw in enthusiasm
under section 234A of the IT Demonstration, which is material at the pace of 1%
every month.
In addition, the government has loosened up the
courses of events for ventures/instalments for asserting reasoning under Part
VI-An of the IT Demonstration canvassed in Section 80C (LIC, PPF, NSC, and so
forth.), 80D (Mediclaim), 80G (Gifts), and so forth, which has been
additionally extended to July 31, 2020. Subsequently, the
speculation/installment can be made up to July 31, 2020, for asserting
reasoning under these sections for FY 2019-20.
Proceeding with this relief measure, the date for
making speculation/development/buy to guarantee rollover advantage/derivation
in regard to capital increases under Sections 54 to 54GB of the IT Demonstration,
has also been extended to September 30, 2020. In this manner, any
venture/development/buy made up to September 30, 2020, will be qualified for
guaranteeing to find from capital increases.
What's more, the date of outfitting of the Tax
Deducted at Source ('TDS')/Tax Gathered at Source ('TCS') proclamations and
issuance of TDS/TCS declarations, being essential for empowering taxpayers
to set up their arrival of pay, for FY 2019-20, has been extended to July 31,
2020, and August 15, 2020, individually.
Moreover, the course of events for linkage of
Perpetual Record Number (Dish) with Aadhaar has also been extended from July
31, 2020, to Walk 31, 2021.
The augmentation of courses of events for recording
tax returns and other related tax compliances is an all-around considered
measure, as because of lockdown it is hard for singular taxpayers to acquire
fundamental documentation required for arrangement of tax returns and record
their profits on schedule. This definitely comes as a major relief to a singular
taxpayers who are away from this much-needed development.
Feature of this Excel Utility:-
1) This
Excel utility prepares and calculates your income tax as per the New Section 115
BAC (New and Old Tax Regime)
2) This
Excel Utility has an option where you can choose your option as New or Old Tax
Regime
3) This
Excel Utility has a unique Salary Structure for Government and Non-Government
Employee’s Salary Structure.
4) Automated
Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the
F.Y.2000-01 to F.Y.2020-21 (Update Version)
5) Automated
Income Tax Revised Form 16 Part A&B for the F.Y.2020-21
6) Automated
Income Tax Revised Form 16 Part B for the F.Y.2020-21
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