Income Tax Return filing 2020 last date extended for these taxpayers! With Automatic Income Tax Revised Form 16 for F.Y. 2019-20

ITR Filing Due Date 2020: Section 139 of the Income Tax Act provides various provisions for filing tax returns.

Income Tax Return (ITR) Filing 2020: The Finance Bill 2020 has extended the due date for filing of return by companies and persons who are required to get their accounts audited. The due date for such taxpayers has been extended from September 30 to October 31 of the Assessment Year. The date has been extended through amendments in Section 139 of the Income Tax Act.

Twin amendments

Section 139 of the Income Tax Act provides various provisions for filing tax returns. As per Section 139 (1), it is mandatory for every person – be it a company, or a firm, or a person other than a company, or a firm, whose total income, or the total income of any other person in respect of which he is assessable under the Income Tax Act, during the previous year exceeded the maximum amount which is not chargeable to income-tax – to file return on or before the due date.

Download And Prepare At a Time 50 Employees  Automated Income Tax Form 16 Part B (Modified Format) [This Excel Utility Prepare At a time 50 Employees Form 16 Part B in New Format for A.Y. 2020-21]

  The main feature of this Excel Utility:-

1)   Prepare At time 50 Employees  Excel Based  Form 16 Part B ( Modified Format of Form 16 Part B Vide CBDT Notification No.36/2019 Dated 12/04/2019 ]

2)   All the Amended Income Tax Section have in this utility as per Budget 2019

3)   You can print individual Form 16 Part  B

4)   Most easy to install just like an Excel File

5)   Easy to Fill the all column

6)   Automatic Convert the Amount to the In-Words

What has changed

As per Explanation 2 of this sub-section, the due date for “a working partner of a firm whose accounts are required to be audited under this Act or under any other law for the time being in force” was the 30th day of September of the assessment year.

The Finance Bill 2020 has removed the word “working”. Also, the words “30th day of September” have been substituted by “31st day of October”. The twin amendments mean, companies and persons, who are required to get their accounts audited, can file their returns by October 31.

Taxpayer’s Charter

Budget 2020 proposed to introduce a Taxpayer’s Charter. “Any tax system requires trust between taxpayers and the administration. This will be possible only when taxpayer’s rights are clearly enumerated. Towards this end, and with the objective of enhancing the efficiency of the delivery system of the Income Tax Department, I propose to amend the provisions of the Income Tax Act to mandate the Central Board of Direct Taxes (CBDT) to adopt a Taxpayers’ Charter,” FM Nirmala Sitharaman had said.

SOURCE FROM- businessleague

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