Income Tax Returns: Big relief to taxpayers, the time limit for filing ITR increased, know how long the opportunity is to fill ITR.
The Central Board of Indirect Taxes and Customs (CBIC) has provided major relief to taxpayers. The CBIC on Saturday stated that it has submitted the annual return (Form GSTR-9 / GSTR-9A).
The last date for filing the reconsideration request (Form GSTR-9C) for the financial year 2018-19 from October 31, 2020, to December 31, 2020.
It has been decided to carry forward. CBIC gave this information in a tweet.
The Central Board of Direct Taxes (CBDT) said in another tweet.
‘By extending the due date for submission of income tax returns for other taxpayers [for which the due date (before extension by the said notification) was July 31, 2020] as per the Act] 31 December 2020.
The CBDT said in a second tweet, ‘The due date for submission of income tax returns (including their partners) for taxpayers who are required to get their accounts audited [for which the due date (before extension by new notification) of the Income Tax Act According to it is 31 October 2020] is increased to 31 January 2021. ‘
In another tweet, CBDT said, “The date for submission of audit reports has been extended to 31 December 2020, including tax audit reports and reports regarding international or specified domestic transactions.”
The date of payment of self-assessment tax has been extended to 31 January 2021 for self-assessment tax liability up to Rs 1 lakh.
The market kept moving between 12,000 and 11,800 this week and closed very close to the 12,000 benchmarks. Also, the US Dow closed above 28,000.
However, the US election results are not far away and the market is showing good resilience. Many companies have done well in the second quarter. The cement and steel sectors in particular are in good shape.
These are the two main pillars of the economy. We can conclude that the economy is recovering very fast. Now we are confident that the third pillar of the economy i.e. the auto sector will also perform well.
We believe that the Nifty is set to move towards 12,200-12,400 in the coming weeks. This will be mainly due to an increase in active shares.
Steel stocks are moving upwards due to an increase in steel prices. The prices of zinc and other metals are also skyrocketing, which will help other cyclical stocks.