Otherwise, you may be asked to sign a declaration letter along with a copy of acknowledgment of return of Income (ITR-V) of FY 2018-19, FY 2017-18 and FY 2016-17 for verification purposes. Therefore, the return of income earned between April 1, 2019 and March 31, 2020, which was due by July 31, can now be filed by November 30.
With effect from 1 July 2020, new tax deducted at source (TDS) rules are applicable on cash withdrawals. Hence, the returns of income, which are required to be filed by July 31, 2020 and October 31, 2020 can be filed up to November 30, 2020.
The previous day for furnishing tax audit report has also been prolonged till Oct 31. During this period of only 56 weeks, the Central Board of Direct Taxes (CBDT) has more than 20 times.
Next, know how one can test the standing of earnings tax refund.
To make it easier to implement the change in TDS rule, the income tax department has introduced a functionality on its official website or banks and other financial institutions to calculate TDS rate under Section 194N on their customers. Funds gains tax is the tax payable on sale of assets these types of as equities and mutual money.