Income Tax Return for FY 19-20

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Deal Lieutenant
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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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Yes bro, deadline for FY 2019-2020 has been extended to the November 30 2020.

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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

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DealFinder wrote:

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?

Advance Tax for 2019-2020 that was to be deposited by 15th March you mean or for the 1st quarter of 2020-21?

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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.

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GoogleCA wrote:

Advance Tax for 2019-2020 that was to be deposited by 15th March you mean or for the 1st quarter of 2020-21?

Sorry guys the advance tax query was for the current financial year..
FY 2020-21

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gargsahbbb wrote:

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

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DealFinder wrote:

Sorry guys the advance tax query was for the current financial year..
FY 2020-21

For F.Y. 20-21 he has to deposit advance tax for presumptive taxation by 15th March 2021. Why is he paying advance tax quarterly?

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GoogleCA wrote:

For F.Y. 20-21 he has to deposit advance tax for presumptive taxation by 15th March 2021. Why is he paying advance tax quarterly?

An individual opting the presumptive taxation scheme needs to pay Advance Tax quarterly in certain percentages other wise there will be interest and penalty..

The below is the due date of Advance Tax and percentage amount of advance tax to be paid by the assesse for FY 2020-21:

Due dates Amount of Advance tax
Up to 15th June of the previous year Up to 15% of Advance tax liability
Up to 15th September of the previous year Up to 45% of Advance tax liability
Up to 15th December of the previous year Up to 75% of Advance tax liability
Up to 31st March of the previous year Up to 100% of Advance tax liability

Eventhough the Income tax return filing deadline for FY 2019-20 has been extended to Nov 30, 2020; I dont think that govt has issued any relaxations on the advance tax payments for the FY 2020-2021
The second installment will be due by coming 15-Sep i think..

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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.

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