HAVE YOU FILED YOUR RETURN FOR A.Y. 2019-20? IF NOT , 30 JUNE 2020* COULD BE YOUR LAST CHANCE.
Extended Last Date for Income Tax Returns for Financial Year 2018-19 ( assessment year 2019-20) from 31st March, 2020 to 30th June, 2020.
Income tax filing deadline is right around the corner. If you haven’t filed yet, do it now for FREE on myitronline! Avoid last minute rush and file your tax return today on MYITRONLINE in 7 mins.( www.myitronline.com)
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As part of the COVID-19 relief
Showing concern to the difficult circumstances that arose out of nationwide curfew and lockdown due to the spread of COVID-19 pandemic, Government of India has decided to extend the deadline of the following Income Tax Declaration processes for FY 2018-19:
- Belated Income Tax Return as per Section 139(4) of IT Act, 1961
- Revised Tax Return as per Section 139(5) of IT Act, 1961
Any taxpayer, who has a due on any of these filings can complete it within June 30, 2020, in place of the normal deadline of March 31, 2020.
This announcement is made by Finance Minister Nirmala Sitharaman in a Press Conference held on March 24, 2020.
Now, see how a taxpayer be benefitted with this relaxation:
Example 1 (Case of Belated Return):
Suppose Varun, a salaried employee has an annual income of INR 8 lakh in FY 2018-2019. He missed the ITR filing deadline of July 31st /31st aug 2019 of the following A.Y. Also, due to COVID-19 lockdown, he faced problems in processing his Belated ITR return. So, now he can avail the relaxation time as announced and file his Belated IT Return within June 30, 2020.
Example 2 (Case of Revised Return):
Nikhil made his IT Return for his income of FY 2018-2019 before July 31st, 2019 (scheduled deadline of IT Return). Later he noticed some unintended errors in his IT Return and wished to revise it. But, he could not do it due to COVID-19 lockdown. Now, he can submit his Revised IT Return by June 30, 2020.
Note:- Late fee Rs.10000/- may be applicable as per the income tax act.