These 6 Changes Related to Income Tax

There have been many changes in income tax in the past days. From the date of filing of income tax to Aadhaar linking and issuing Form-16.
These 6 Changes Related to Income Tax
Imager Credit: Business Line

Now is the time when everyone is worried about tax. The most employed people are seen in tension. In Corona era, many people are worried about all the things about tax collection, because many times the government has also extended the last date to file ITR.

Image Credit: Debt.com
Image Credit: Debt.com

In such a situation, some people are also confused about what is the last date. Let's know what announcements related to income tax was made in the last days and what changes took place in income tax. They will also know that the end date of which work has been extended due to the corona epidemic.

The last date to file ITR is extended

The original or revise income tax return filing date has been extended to 31 July 2020 for the financial year 2018-19. Earlier, its last date was 30 June.

ITR date extended for 2019-20 also

The date for filing tax returns for the financial year 2019-20 has been extended to 30 November 2020. This means the returns which were to be filed by 31 July and 31 October 2020 can now be filed by 30 November.

Get PAN-Aadhaar link by 31 March 2021

Image Credit: The Financial Express
Image Credit: The Financial Express

The last date of pan aadhaar linking has also been increased to 31 March 2021. Earlier the deadline was till 30 June 2021. If the PAN-Aadhaar is not linked before the time, the PAN card will be treated as worthless.

Tax saving investment date extended

Apart from this, the last date of investment and tax saving has also been extended till 31 July under sections 80C, 80D etc. Earlier, its last date was 30 June.

Form 16 issue date also extended

Image Credit: Business Standard
Image Credit: Business Standard

The last date for issuance of Form 16 and Form 16A, the certificate of deducting TDS by the Income Tax Department has also been increased to 15 August 2020.

Self-assessment tax payment date also extended

Image Credit: Finance Monthly
Image Credit: Finance Monthly

Providing relief to small and medium taxpayers, the Income Tax Department has also extended the last date for payment of Self Assessment Tax for taxpayers up to Rs 1 lakh. The new date is now 30 November 2020.

Like and Follow us on :

Related Stories

No stories found.