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Extension of various time limits under Direct Tax & Benami Laws

Press Information Bureau Government of India Ministry of Finance 24 Jun 2020 8:48 PM by PIB Delhi Extension of various time limits under Direct Tax & Benami laws In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of Novel Corona Virus (COVID-19), the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 [the Ordinance] on 31st March, 2020 which, inter alia, extended various time limits.  In order to provide further relief to the taxpayers for making various compliances, the Government has issued a Notification on 24th June, 2020, the salient features of which are as under: I. The time for filing of original as well as revised income-tax returns for the FY 2018-19 (AY 2019-20) has been extended to 31st July, 2020. II. Due date for income tax return for the FY 2019-20 (AY 2020-21) has been extended to 30th November, 2020. Hence, the returns of i...

Cost Inflation Index for FY 2020-21: 301

MINISTRY OF FINANCE  (Department of Revenue)   (CENTRAL BOARD OF DIRECT TAXES)  NOTIFICATION   New Delhi, the 12th June, 2020  Income-Tax   S.O. 1879(E).—In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, published in the Gazette of India, Extraordinary, vide number S.O. 1790(E), dated the 5th June, 2017, namely:—  2. In the said notification, in the Table, after serial number 19, the following serial number and entries relating thereto, shall be inserted, namely:—  Sl. No. Financial Year Cost Inflation Index   (1) (2)  (3)   20 2020-21  301  3. This notification shall come into force with effect from 1st day of April, 2021 and shall accordingly apply...

CBDT notified New ITR Forms for AY 2020-21

The Central Board of Direct Taxes (CBDT) has notified new Income-tax Return (ITR) forms applicable for the Assessment Year 2020-21 vide Notification No. 31/2020/F. No. 370142/32/2019-TPL/G.S.R. 338(E) dated: 29.05.2020. ITR-1 SAHAJ For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand [Not for an individual who is either Director in a company or has invested in unlisted equity shares] ITR-2 For Individuals and HUFs not having income from profits and gains of business or profession ITR-3 For individuals and HUFs having income from profits and gains of business or profession ITR-4 SUGAM For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE [Not for an individual who is ...