Govt extends deadline for filing income tax returns till September 30
Considering current global pandemic COVID-19 the government of India on Wednesday for the third time extended the deadline for filing income tax returns for 2018-19 financial year for two months till September 30. Before this in March, the due date was extended from March 31 to June 30 for the first time and again in late June, it was extended by a month till July 31.
The rule also lay norms to provide relaxations for senior citizens on interest payments on self-assessment tax. In the case of a senior citizen, those not having business or income from the profession will not be required to pay advance tax.
The extension will provide a big relief to taxpayers amid global pandemic when the economy of the whole world has shown a sudden fall.
It is the main apex body of the income tax department in India. As per the Income Tax Act, there are two types of tax in India, Direct Tax and Indirect Tax. Direct Tax is paid directly by the individual on whom the tax is imposed such as, Wealth Tax, Gift Tax, Income Tax etc. This tax is paid directly to the government without any involvement of the third party.
Whereas, Indirect Tax is passed on by the taxpayer to the other person. These types of tax are paid indirectly to the Income Tax department such as GST.
As per the Act, any Indian citizen below the age of 60 is liable to pay income tax. If their income exceeds Rs. 2.5 lakhs. In India generally, Income tax returns are due on 31 July, 30 September or 30 November, depending on the category of taxpayer.
Categories: Economy & Banking Current Affairs