The Central Board of Direct Taxes has further extended the last date for submitting late and revised income tax returns for assessment year 2019-20 to November 30, 2020.
The last date of the submission of returns was first extended to July 30 from March 31, 2020 on account of the pandemic. It was later extended to September 30.
Tax advocate Narayan Jain said that the move would benefit taxpayers .
The government has also extended the deadline for filing GST annual return and audit report for 2018-19 financial year by a month till October 31.
TCS rule
Some changes in tax collection at source (TCS) will take effect from October.
They relate to tax collection at source for foreign remittances and sale of goods in a year in excess of Rs 50 lakh by sellers with a turnover of more than Rs 10 crore.
At present, Indian residents can remit up to $250,000 every year under Liberalised Remittance Scheme for capital account transactions such as purchase of property, investments and loan as well as current account transactions such as business trips, donations, medical expenses and maintenance expenses.
Remittances above Rs 7 lakh will invite tax of 5 per cent. Sale of overseas tour programme packages would also attract TCS.
