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Income Tax Return Updates | efilingBihar

Due date for Income Tax Return :-

  • “Extended last date for income tax returns for (FY 2018-19) from 31st March, 2020 to 30th June, 2020.” (Note: Income Tax Department has revised due date till 31st July 2020)
  • “Among other measures, Due date of all income-tax return for FY 2019-20 will be extended from 31st July 2020 & 31st October 2020 to 30th November 2020 and Tax audit from 30th September 2020 to 31st October 2020”

Due Date for Aadhar-Pan Linking:-

  • “Aadhar-PAN linking date to be extended from 31st March, 2020 to 30th June, 2020 (Extended till 31st March 2021).”

Reduction of Interest Rate:-

  • “For delayed payments of Advance tax, Self-Assessment Tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between 20th March 2020 and 30th June 2020, reduced interest rate at 9% instead of 12 %/18 % per annum ( i.e. 0.75% per month instead of 1/1.5 percent per month) will be charged for this period. No late fee/penalty shall be charged for delay relating to this period.”

Reduction of Interest Rate:-

  • “For delayed payments of advance tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between 20th March 2020 and 30th June 2020, reduced interest rate at 9% instead of 12 %/18 % per annum ( i.e. 0.75% per month instead of 1/1.5 percent per month) will be charged for this period. No late fee/penalty shall be charged for delay relating to this period.”

Reduction of Penalty:-

The income tax department notified the taxpayers for late filing of tax returns for A.Y. 2020-21, along with a penalty of INR 5000 (on filing the return after the due date but on or before 31st December) and INR 10000 (on the filing of return after 31st December to 31st March). The taxpayer has to file the late filing of tax returns for A.Y. 2020-21 before 31st March anyhow. Also to note that the penalty is applicable even if the taxpayer files the returns before 31st March while there is no option to file the returns after 31st March 2020. However, if taxpayer’s total income does not exceed Rs 5 Lakh, then the maximum penalty levied for delay will not exceed Rs 1000.

Due Date for advance tax:-

If the tax liability is more than INR 10,000 in a financial year then advance tax needs to be paid by the assessee.

Due Date of Payment of TaxPercentage of Tax
15th June15%
15th September45%
15th December75%
15th March100%

The assessee who are covered under section 44AD and 44ADA (i.e. Presumptive Income), are also required to pay the advance tax on or before the 15th march of the previous year. However any tax paid till 31st March will be treated as Advance Tax

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