In a bid to mitigate the hardship of individual taxpayers and businesses in times of the Covid-19 pandemic, the government has made some changes in the income tax compliance requirements.
In a bid to mitigate the hardship of individual taxpayers and businesses in times of the Covid-19 pandemic, the government has made some changes in the income tax compliance requirements. The move is aimed at giving the concerned persons and businesses some relief as well as more time to meet their various statutory and regulatory compliances, including extension in the date for filing of income tax return (ITR) for FY19 as well as linking PAN with Aadhaar.
Here we are taking a look at the 6 key changes made in the income tax and other compliance requirements:
1. Extension in the date for filing ITR
As per the notification issued by the Ministry of Finance, the time for filing of original as well as revised ITR for AY 2019-20 (FY 2018-19) has been extended to July 31, 2020. Along with this, the due date for filing ITR for AY 2020-21 (FY 2019-20) has also been extended to November 30 this year. With this, the income tax returns required to be filed by July 31, 2020 and October 31, 2020 can now be filed up to November 30, 2020. Apart from this, the government has also extended the date for furnishing tax audit report to October 31.
Source: Financial Express
