Union Finance Minister Nirmala Sitharaman has announced the extension of statutory deadlines related to income tax to 30 June 2020. These extended deadlines are expected to provide some relief to the tax payers. The key decisions taken by the finance minister after considering the hardship that people are facing due to coronavirus (COVID-19) are:
Income Tax Return (ITR) deadline:
The Finance Ministry has decided to extend the Income Tax Return (ITR) filing deadline for the Fiscal Year 2019 from 31st March 2020 to 30th June 2020.
Click Here To Get Test Series For All Banking Exams
Investment for tax savings:
Those Indian citizens who are still waiting to make investments in various instruments which offers tax deductions under section 80 C, can do their investments till 30 June and can also claim deduction for FY 2019-20. These instruments includes Equity liked savings scheme (ELSS), Public Provident Fund (PPF), National Savings Certificate (NSC).
Pan-Aadhaar linking:
The deadline for the linking of Aadhaar & Pan was supposed to end on 31st March 2020. This deadline has been extended to 30 June 2020. If you are unable to link your Permanent Account Number (PAN) with Aadhar before 30 June 2020, your PAN will be considered as inoperative.
Kevin Warsh has appointed as governor of the Federal Reserve by the US Senate. Kevin…
India is a country rich in geographical diversity and cultural heritage. Many Indian states are…
India has appointed senior diplomat Prashant Pise as Ambassador to the Sultanate of Oman. Prashant…
The world is home to thousands of fascinating animal species, but among rodents, one giant…
India's legend cricketer Rahul Dravid become the owner of the Dublin franchise in the European…
CEO and Managing Director of Tata Chemicals of Tata Chemicals, R Mukundan assumed the office…