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Deadline For Income Tax Return Filing Stretched Out Till 30th June 2020

Deadline For Income Tax Return Filing Stretched Out Till 30th June From 31st March

In a truly necessary break to taxpayers, the Finance Ministry on Tuesday extended the last date of filing ITR (Income Tax Returns) till 30th June, 2020, in rise of COVID-19 pandemic. Consigning a press conference, Finance Minister Nirmala Sitharaman announced that the last date for the income tax return for the Financial Year 18-19 has been stretched out to 30th June, 2020.

She announced that the interest rate on the delayed payment has been reduced to 9% from 12%.

The improvement came after the central government was bid by different individuals to expand the ITR filing date throughout a lockdown in the nation because of the fast-growing coronavirus.

ITR Date Extended

The Finance Minister Nirmala Sitharaman likewise announced the extension of the deadline for linking of PAN-Aadhaar to 30th June 2020. The date for Vivad Se Vishwas Scheme has additionally been stretched out to 30th June 2020.

The central government has likewise expanded the deadline for filing GST returns of the month of March, April and May 2020 to 30th June 2020. It has also revised due date for any compliance and documentation by the individual, including for investment instruments, till June 30, 2020.

Companies that are having a turnover of less than Rs 5 Cr, then these companies does not need to pay any interest or late fee or penalty for the late filing of GST return. The penal amount will be charged at a very lower rate of interest for greater companies.

Corporates are required to file their yearly or annual returns with the Registrar of Companies by end of September month. They are likewise required to file their ITR (Income Tax Returns) by end of September month.

Individuals and Associations of Persons need to file their personal ITR by end of July month. Businesses also need to file month to month GST returns about their sales. Small businesses that have pursued a level for a flat tax (composition) scheme need to file quarterly returns. Other than these, companies also need to file compliances about various provisions and arrangements in the Companies Act.

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25 Mar

Shruti Sharma

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