Income Tax Return for FY 19-20
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Has anybody filed their income tax return for FY 19-20.
Usually every year the returns are filed in the last week of July.
Now due to these Covid-19 i think Govt has provided some extension..
But am not clear on this.
Can anybody shed some light?
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Extended till 30th November.
Thanks for the info on the deadline extension.
One of my friend use to pay incometax under the Presumptive Taxation scheme..
So he need to pay advance taxes every quarter.. is there any notification from govt regarding deferring of these advance tax dates?
if he didnt pay this advance tax will he be liable for penalties? any idea on this?
edit: The advance tax query is for the current financial year..
FY 2020-21
Advance Tax for 2019-2020 that was to be deposited by 15th March you mean or for the 1st quarter of 2020-21?
bro under presumptive taxation whole advance tax is to be paid by 15th march of the respective financial year otherwise the assessee is liable for interest and penalties u/s 234a,b,c etc.
Sorry guys the advance tax query was for the current financial year..
FY 2020-21
Interest and penalty (For Advance Tax scenario only fr FY 20-21)
Interest at 1 per cent a month is levied for three months in the case of deferral of tax payment, which is due on June 15, September 15 and December 15, and for one month in the case of deferral of payment of the last instalment, i.e., tax that is due on March 15.
However, it is pertinent to note that interest is not payable if the advance tax paid
-On or before June 15 is 12 per cent or more of the tax due for the year;
-On or before September 15 is 36 per cent or more of the tax due for the year.
Further, as income from capital gains cannot be anticipated, advance tax on capital gains becomes payable starting from the quarter in which the capital asset is sold. Therefore, no interest is charged in respect of advance tax on capital gains if the tax on such income is paid in subsequent instalments due when the gain arises before March 15; if such a gain arises after March 15, no interest will be charged if the tax is paid on or before March 31.
If the total amount of advance tax paid amounts to less than 90 per cent of the taxpayer’s advance tax liability, interest is payable at the rate of 1 per cent per month from April 1, following the year in which the tax is due, until balance payment of the tax.
Yes bro, deadline for FY 2019-2020 has been extended to the November 30 2020.