Income Tax Alert | It is important to remember these three dates to fill the ITR of FY 2019-20

 

Given the impact of the coronavirus epidemic and nationwide lockdown, the government has given taxpayers some leeway in terms of tax compliance. The lockdown was implemented in March this year. Therefore, the government had also announced to extend the period of filing the income tax returns of the previous financial year with the investment deadline for taxpayers eligible to receive tax exemption for FY 2019-20. Along with this, companies have also been given exemption in the deadline to issue Form-16. It is noteworthy that Form-16 is required to fill the income tax return.

 

In such a situation, you need to look at the important dates for filing income tax returns this year:

 

1. Investment deadline for tax exemption: The government had extended the investment deadline in tax saving schemes for the financial year 2019-20 from March 31, 2020, to June 30, 2020. However, this deadline was later extended for another month. Now the period of investment in tax saving schemes is July 31, 2020.

 

2. Deadline to issue Form-16: Companies have been given time till August 15, 2020, to issue Form-16 to their employees. Form-16 is required for filing an income tax return as it contains details like salary received by the employer from the employee, tax deducted at source by the employer.

 

3. Deadline to file ITR for FY 2019-20: If you want to file income tax returns for FY 2019-20, then tell you that the government has set a deadline of November 30, 2020, for this. That is, this year, you can file ITR for the financial year 2019-20 or assessment year 2020-21 till 30 November 2020.