Big discount to Filing income tax return payers, CBDT extends the deadline till November 30

File Income Tax

Returns for any financial year are filed in the assessment year. Like assessment year FY2019-20 for FY2018-19. Income tax returns are big news for those filing. CBDT has extended the date of filing of return for the assessment year 2019-20. In a statement issued by CBDT, it is said that in view of the difficult situation of Covid-19, taxpayers are being given further relief. The last date for filing the ITR for the assessment year 2019-20 has been increased from 30 September to 30 November. Even before this, the CBDT…

Read More

New income tax scheme will help 2/3rd taxpayers save more money

New Income tax Scheme

Union Finance Minister Ms. Niramala Sitharaman in her budget speech stated that the New Tax Regime (NTR) will help taxpayers have more money in their hands than before. The NTR does away with 70 of the 120 deductions which were in the erstwhile tax regime. It was said that the old tax regime in a way forced taxpayers to save more money for curtailing their tax liability.  The revenue secretary Mr. Ajay Bhusan also applauded the NTR and said that he has data analytics to support his zeal for the…

Read More