Important news for all taxpayers:

1. If you haven't filed your income tax returns for last year (year ended 31st March 2019 (AY: 2019-20)) then the last date for filing the same has been extended to 31st of July 2020. (previously 30th June).

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2. If you had planned to make any investments (u/s 80C (LIC, PPF, VPF, NSC)), Medical Insurance (u/s 80D), Donations (u/s 80G) for the year ended on 31st March 2020 - you can make those upto 31st of July 2020 (previously 30th June).

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3. Filing of returns for the year ended 31st March 2020 - Assessment Year: 2020-21 is extended upto 30th November 2020 for individuals and Tax Audits u/s 44AB etc, to 30th October 2020 (as announced earlier on 13th May 2020 as part of the #AatmaNirbharBharatAbhiyan)

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4. Investments under Section 54 for Capital Gains (sub-section F, EC et. al) extended to 30th September 2020 (previously 30th June as announced on 24th March 2020).

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5. Payment of Self-Assessment Tax upto ₹1,00,000/- will not attract any interest till 30th November 2020. If you have any tax liability, then please clear by paying Advance Tax before 30th June 2020 for the year ended 31st March 2020.
Interest rate otherwise 12% p.a
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DEVIL IN THE DETAIL:

The reduced rate of interest of 9% for delayed payments of taxes, levies etc. specified in the Ordinance shall NOT BE applicable for the payments made after 30th June 2020. The rate of interest u/s 234A, 234B, 234C will be 12% post 30th June 2020.
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Extension of various time limits under Direct Tax & Benami laws

https://pib.gov.in/PressReleasePage.aspx?PRID=1634070

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