Jackpot During Corona ..!
Among the worst cases of the coronavirus, several relief offers were announced to support taxpayers.
The Income Tax Department has also announced a number of dramatic changes and services to make it easier for taxpayers to file income tax returns.
It has also announced some announcements of relief for those affected by corona. Thus the privilege of the common people. What relief? So let’s see what the top 10 announcements are.
Income tax deduction
Many have received financial assistance from Corona during their Corona period, either from their companies or from well-wishers. Corona is determined to provide an income tax deduction for this amount received for medical assistance. It has been announced that these exemptions will be available in the last 2019 – 20 and next years.
Tax deduction for relief amount
Compensation for losses caused by corona is also tax-deductible. It has been decided to provide up to 10 lakh rupees to the families of the victims due to corona. It has been announced that all these offers will be valid for 2019-20 and subsequent financial years
Pan – Aadhaar link
The deadline for the PAN-Aadhaar link has also been extended to September 30. The deadline has been extended again, with the deadline of June 30 expiring. Lockdown is in many parts of the country due to the corona, although the government has already given it several times..
Certification of DTS Details
DTS helps you pay your earnings tax. This paves the way for the state to earn a steady income. Salary buyers will be given a certificate containing details of tax calculation, tax deducted and tax paid. This certificate must be issued no later than June 15th. It has been announced that it may be delivered by July 31, 2024.
Form 16 Certification
Form 16 is a form that a company gives to its employees. This certificate contains the full details of the salary earned by the employee and the tax withheld from him. The government has increased the deadline to July 31, 2024, as it is due by July 15, 2024.
Vivad Se Vishwas Project
The Income Tax Department has announced that the last date for filing a report under the Vivad Se Vishwas scheme is August 31 and the payment date is October 31. The scheme was introduced to settle issues like income tax, interest, penalties, and fees.
Tax exemption for companies & homes
Companies can apply for the process of claiming income tax deduction by September 31, 2024 or earlier.
That is, the deadline for investment, construction or purchase to claim a rollover benefit for capital gains under the 54, 54 GB category has been extended to September 30. Accordingly, the investment to be made on or after April 1 can now be made until September 30
Form 15 & Form 15 G / H
Senior Citizens over 60 years of age, Residents of India, who are liable to pay income tax at the rate of Rs.
All they have to do is fill out Form 15H and give it to a financial institution such as an interest-bearing bank to get a DTS exemption.
Income tax filing
This Form 15 G / H is usually issued at the beginning of the financial year. Only then will the DDS not be subject to interest accruing from that financial year. The form for the quarter ending June 30, 2024, to give this form, must be uploaded on or before July 15. It has been announced that it can be uploaded until August 31, 2024.
Individuals can file income tax returns for fiscal year 2020-21 by September 30, 2024. It has been announced that the same companies can file by November 30. Individuals can file income tax returns for the fiscal year 2020-21 by September 30,2024. It has been announced that the same companies can file by November 30.