The income tax department in its grapple to make GST regime an ideal tax mechanism has launched many reforms like single indirect tax mechanism, completely faceless/digital tax compliance, simple TDS deduction system, and a lot more. Apart from that, if any inconvenience in tax compliance is witnessed by the government then due dates for the same are legally extended which gives enough time to the taxpayer to accumulate relevant documents and effectively finish his compliance.
Adding on to its efforts in bringing more rigidity in the GST tax system, the IT department has pre-set the schedule for various tax compliances in Financial Year 2020. The due dates for various tax compliances are pre-determined by the government and posted under the name “File-it-yourself”. As the name suggests, this new feature lets you file your own tax compliance easily and effectively.
Let’s have a look at the calendar issued by the department consisting of the deadlines for various tax compliances:
- December 31, 2019: Mentioning the January dates, the calendar reminds us of the due dates for filing TDS and TCS documents for the quarter which ends on December 31, 2019.
- 15 March 2020: The deadline issued for payment fourth and last installment of advance tax for the year 2020-21.
- 31 March 2020: The deadline is issued for filing the returns if not filed in the assessment year 2019-20. The due date for filing a late or revised return is 31 March 2020.
- 15 May 2020: It is the prescribed due date for furnishing TCS details for Q4 of FY 2019-20.
- 31 May 2020: It is the prescribed due date for filing the TDS statement for the prior quarter.
- 15 June 2020: The due date for paying the very first installment of advance tax for the assessment year 2021-22.
- 31 July 2020: the prescribed due date for Income Tax Return (ITR) filing is 31 July 2020.
- 15 September 2020: The due date for paying the second installment of advance tax.
- September 30, 2020: It is the due date for filing Income Tax Return (ITR) for corporate taxpayers.
- December 15, 2020: It is the prescribed due date for filing the third installment of advance tax for the year 2020-21.
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