COVID-ITax Reliefs

Income tax department has provided various reliefs during the tough phase we all are facing that can be summarised as follows

ITR filings:

All ITR that were required to be filed for financial year 2019-20 and becoming due on 31/07/2020 have been given a date extension of 30/11/2020

All ITR for the F.Y. 2018-19 that were to be filed by 31/03/2020 have been given extension upto 31/07/2020

Deductions under sec 80C:

The investments that were to be made by an individual for tax savings under chapter VI can now be made upto 31/07/2020 

Refunds:

The refunds pertaining to last financial years struck for whatever reasons have been expedited and were issued in cases where there was no statutory hurdle

Statutory Notices:

All notices who were becoming due on 31/03/2020 have been automatically extended by 30/09/2020

TDS reliefs;

The rate of deduction has been reduced by 25% of existing rates so that now the deductee will have more funds available with them