News of relief amid Corona crisis: ITR can now be filed till November 30

New Delhi, 5 July 2020, Sunday

The Income-tax department has once again given relief to the common man due to the Koro crisis. The Income Tax Department has extended the date for filing income tax returns for the financial year 2019-20. Taxpayers will now be able to file their ITR by November 30, 2020.

However, with this, the deadline for submission of TDS / TCS statement for the financial year 2019-20 has been extended to 31 July 2020. Apart from this, the date of issuance of TDS / TCS certificate has also been extended to 15 August 2020.

The Income Tax Department has also extended the investment and claim deduction date for the financial year 2019-20 by 1 month, which has now been extended to 31 July 2020. The Income-tax department has informed that now tax payers can easily file ITR.

Investments can be made till July 31 for tax exemption

Section 80C, 80D, 80I of the Income-tax Act has been extended from June 30 to July 31 to save tax. If you want to invest to get a tax deduction, you can do so by July 30.

In view of the plight of the people, the Income-tax department has also released a new ITR form. CBDT has researched the return form for the financial year 2019-20.

TDS means that this is the source of income of the person, or the tax levied on it is called TDS. There are two ways to collect TDS and TCS tax. However, TCS is a tax levied on a commercial buyer.

What is ITR?

In ITR, taxpayers report their income, expenses, investments and tax returns to the income tax department. On the basis of which tax is levied. ITR form is filled once in a year. Tax money is used by the government to develop the country.