Tax return forms to be revised after extension of deadlines
The Central Board of Direct Taxes said on Sunday it will revise the tax return forms to be filed in 2020-21 so that tax payers are able to make investments and donations till end of June, the benefit of which could be claimed on the taxable income of FY20. CBDT said in a statement that the government has extended the due date for various compliance requirements under the Income Tax Act by bringing out the Taxation and Other Laws Ordinance, 2020. As per this, extra time has been granted till end of June for making investments and making certain payments for claiming deductions from the taxable income. These include the tax relief for making investments in instruments of Life Insurance Corp. of India., Public Provident Fund, National Savings Certificate, Mediclaim policies and donations under 80G of the Act which covers contributions to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund’.
Missed filing tax returns in July? File your belated ITR for FY24 by December 31
Discover Related
IRS tax refund April 2025: Who will get back their deposit this month? Schedule here
Steep cut in tax won’t be rolled back, FM tells LS
Govt Raises Extra Rs 9,118 Crore as 9 Million Taxpayers File Updated ITRs
What Income Tax Bill 2025 means to real estate sector
Income tax hack: Do this by 31 March to avoid interest on advance tax shortfall
Income tax hack: Do this by 31 March to avoid interest on advance tax shortfall
AP Chambers requests CBIC to extend GST amnesty scheme