Is Advance Tax Date Extended For FY 2020 21?

Can TDS return be revised after due date?

As there is a provision u/s 139(5) for expiry period of filling income tax return and on another side there is no provision for expiry period of filling revise/corrected TDS return, creates the problem for deductee facing income escape assessment & concealment penalty..

What is the last date for filing ITR for AY 2020 21?

January 10The last date of filing ITR for AY 2020-21 is today. ITR filing deadline for individuals is January 10. Income Tax Return (ITR) filing AY 2020-2021: Over 25 lakh ITRs were filed till 9 PM today. Of these, more than 2.2 lakh ITRs were filed between 8-9 pm.

What is the last date for ITR 2020?

December 31, 2020The government extended the deadline to file income tax return (ITR) for FY 2019-20 for most individuals from the earlier deadline of December 31, 2020, to January 10, 2021, as per the press release dated December 30, 2020.

What is the late fee for TDS payment?

Rs. 200As per section 234E, where a person fails to file the TDS/TCS return on or before the due date prescribed in this regard, then he shall be liable to pay, by way of fee, a sum of Rs. 200 for every day during which the failure continues. The amount of late fees shall not exceed the amount of TDS/TCS.

Is TDS deposit date extended?

TDS Due Dates of FY 2020-21 for Return Filing No. 370142/23/2020 – TPL dated 24th June 2020 issued by Govt of India”TDS Deducted under section 194IA & 194IB on the transaction in the month of Feb & March, can be deposited up to 31st July 2020. As Per Notification No. 35 /2020/ F.

Is TDS payment date extended for March 2020?

The date for filing TDS return for February and March have been extended to July 31, 2020. … The March 31 ordinance has enabled provision empowering the central government to further extend due dates to beyond June 30, 2020. The due date for filing ITR for FY2019-20 has already been extended till November 30, 2020.

Is payment of advance tax compulsory?

Taxpayers are required to make advance tax payments if their total tax liability (including income from other sources and so on) in a financial year is more than Rs 10,000. … b) When the advance tax paid by you is less than 90 per cent of the assessed tax.

What is the last date of TDS payment for March 2020?

TDS payment due date every quarterMonth of DeductionQuarter endingDue Date for filing of Return from the financial year 2020-21 for All DeductorsDecember31st December31st JanJanuary31st March31st May (31st July for Q4 of FY 2019-20 ending March 2020)FebruaryMarch9 more rows•Jan 5, 2021

What if TDS due date falls on Sunday?

As we know, TDS is required to be paid by 7th of next month except for the month of March where the due date is April 30. … Hence, accordingly, if the bank is closed (due to Sunday or holiday or strike) on the due date of payment, the same can be paid on the next working day.

What is the due date for tax filing FY 2019/20 AY 2020 21?

What is the last date of ITR for AY 2020-21? The last day for filing Income tax returns for FY 2019-20 is 31st December 2020 for most of the individual taxpayers. Last date for income tax return filing for taxpayers whose accounts needs to be audited is 31st January 2021.

What is the penalty for late payment of advance tax?

Penalty for Default in Advance Tax Payment Under section 234B, interest for default in payment of advance tax is levied at 1% simple interest per month or part of a month. The penalty interest is levied on the amount of unpaid advance tax.

What is the rebate for AY 2020 21?

The amount of rebate is 100 per cent of income-tax or Rs. 12,500, whichever is less. For the Assessment Year 2020-21 & 2021-22, a partnership firm (including LLP) is taxable at 30%.

How do I file revised return for AY 2020 21?

Select ‘Assessment Year’ • Select ‘ITR form Number’ • Select ‘Filing Type’ as ‘Original/Revised Return’ • Select ‘Submission Mode’ as ‘Prepare and Submit Online Page 3 In the Online ITR Form under ‘General Information’ Tab, Choose the ‘Return Filing Section’ as ‘Revised return under section 139(5)’ and ‘Return filing …

Can we file ITR for assessment year 2020 21?

The due date for filing income tax return for assessment year 2020-21 has been extended till December 31. The Finance Ministry has granted an additional month to complete the process. Earlier, it was postponed from July 31, the annual due date for filing returns, to November 30 due to the Covid-19 pandemic.

Is Advance tax date extended?

There is no extension provided for payment of advance tax, which is payable by 15 June, 15 September, 15 December and 15 March. However, if the advance tax payable by 15 June is paid by 30 June, interest would be payable at 0.75% per month instead of 1.5%.

What is the due date for advance taxes?

Due DateDue DateAdvance Tax PayableOn or before 15th June15% of advance taxOn or before 15th September45% of advance tax less advance tax already paidOn or before 15th December75% of advance tax less advance tax already paidOn or before 15th March100% of advance tax less advance tax already paidDec 28, 2020

What if due date of advance tax is Sunday?

If on the due dates is Sunday or any holiday then the assesee can deposit the advance tax on next working day. It will treated as advance tax and no penal interest will be charged. … The penal interest at the end of the financial year will be calculated by the delay from the due date of particular installment.