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Income tax return filing deadline extended

The government had in May extended the date for filing ITR for FY2019-20 from July 31 to November 30, to give compliance relief to tax ...
The Economic Times
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| 24 October, 2020, 04:45 PM IST | E-Paper
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    • The relaxation is extended for 30 days from February 14, 2020, these 30 fee plazas have been allowed to operate up to 25 percent of all fee lanes as hybrid (cash plus FASTag) lanes during this period.

      Street was expecting further tax exemptions from the Finance Minister in the budget.

      Apart from The National Investment and Infrastructure Fund (NIIF) - the country’s only sovereign wealth fund, India has already seen a large pool of infrastructure investments by global sovereign wealth funds such as Singapore based GIC, Temasek Holdings and Middle East based Abu Dhabi Investment Authority.

      Journalists will have to comply with the code of ethics put down by the Press Council of India or “any media self-regulatory organisation,” the draft of the Bill had said, and top officials in the government said this would be retained in the final Bill as well. Exemption to journalists from major parts of the draft had come up during deliberations.

      Senior citizens (above 60 years of age) have to submit Form 15H to banks at the beginning of a financial year to ensure no tax is deducted at source on interest income.

      The government in the Union Budget 2017 had introduced a law making it mandatory for every individual having a PAN to link with their Aadhaar number. Here are different ways to link the same. The last date to link PAN with Aadhaar is March 31, 2021.

      “Goods on the exempted list are mass-consumption items. No state will agree to include them,” said the finance minister of a BJP-ruled state. West Bengal FM Amit Mitra also dismissed the GST Council secretariat’s suggestion for a review of the exempted items. The secretariat had shot off a letter to states seeking a revision of exempted items.

      “In the context of Covid-19 situation, considering the immediate requirement of ventilators and other items, the Central Government has granted exemption from Basic Customs Duty and Health cess, on the import of these goods, with immediate effect,” the government said in a statement late Thursday evening.

      In an order, the Central Board of Direct Taxes (CBDT) said the 15G and 15H forms submitted last fiscal will remain valid till June 30, 2020, since the Covid-19 pandemic has caused severe disruption in all sectors of the economy. While Form 15H is submitted by senior citizens, 15G can be filed by an individual whose taxable income is less than the exemption threshold.

      The exemption would be applicable where the Indian government has entered into agreements or treaties with overseas governments or there is an order.

      CPFC has taken account of media reports as those PFs are managing people’s money.

      Banks, airlines, insurance companies, armed forces and telecom service providers are likely to be exempted from mandatory issuing of e-invoices under goods and services tax (GST), said people aware of the matter.

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