ITR filing date for FY20 extended to November 30

Yolanda Curtis
July 4, 2020

Self-assessment tax refers to any balance tax that has to be paid by an assessee on income after accounting for tax deduction at source and advance tax before filing the return of income.

In pursuance of the exercise to meet liquidity needs taxpayers during COVID-19 pandemic, the income tax department has fast tracked its tax refund process and processed 20.44 lakh cases amounting to more than Rs 62,361 crore upto June 30.

It could also be famous that the Income Tax Department has carried out tax refunds per 76 instances per minute.

The government has further extended the deadline for filing income tax (I-T) returns for financial year 2019-20.

"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 July 31, 2020".

The extension in the income tax return filing deadline comes as a relief for taxpayers as the government had earlier extended the deadline for receiving Form-16 from June 15, 2020 to June 30, 2020 via an ordinance dated March 31, 2020.

The last date for furnishing tax audit report has also been extended till October 31.

The Centre had also extended the deadline for linking biometric Aadhaar with PAN till March 31, 2021.

The I-T department on Thursday extended the deadline for tax saving investments/payments for the financial year 2019-20 up to July 31.

The Income Tax Department has given a refund of greater than Rs 62,000 crore through the Corona interval. Unlike what used to happen some years ago, in these refund cases, no taxpayer had to approach the Department to request for release of refund. Capital gains tax is the tax payable on sale of assets such as equities and mutual funds.

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