The last date for furnishing of Annual Return in the FORM GSTR-9 and Reconciliation Statement in FORM GSTR-9C for F.Y. 2018-19

Govt. has further extended the time limit to furnish Annual Return (Form GSTR-9/9A) and Reconciliation Statement (Form GSTR-9C) for the financial year 2018-19 from September 30, 2020 to October 31, 2020.

Notification No. 69/2020 – Central Tax, dated 30-9-2020

 Do you need to file ITR even your total income did not exceed the basic exemption limits? 

Yes, From Assessment Year 2020-21 it mandatory to file ITR for an assessee  who is not a company or a firm but who otherwise is not liable to file Income Tax Return of Income, if he or she satisfy any of the condition during the previous year:-

Part-7- Changes in provisions regarding Tax Incentives-Know Important changes in Income Tax Act -Before Filing ITR for Assessment Year 2020-21

Changes in provisions regarding Tax Incentives

So far I have covered the changes which are made in exempt income, salary income, house property income and income from business or profession, now going to explain the changes which are applicable in "Capital Gain".i.e. profit or loss which arise when someone sale any capital asset.

Earlier part of the article you can access by clicking following links:-

            (1 ) Rate of Income Tax for the Assessment year 2020-21                        (Read Part -1 here)

            (2)"Exempt income" i.e. Income which do not part of Total Income  (Read Part -2 here) 

            (3) Changes in the head "Income from Salary"                                     (Read Part -3 here)

            (4) Changes in "Income from House Property"                                (Read Part-4 here ) 

            (5) Changes in "Profits or gains from Business or profession                  (Read Part-5) 

            (6)  Part-6- change applicable in Capital gain                                          (Read Part-6)

Part-6- change applicable in Capital gain-Know Important changes in Income Tax Act -Before Filing ITR for Assessment Year 2020-21

Now Time has come to be ready to file income Tax return for the Assessment Year 2020-21, however there are lot of changes have been made by the Government.

Some changes are more important to know because Income tax Return cannot be filed correctly if are ignorant of these.

I am just making an effort to cover such amendments/changes in a series like what would be Tax Rate for the Assessment year , changes in particular source of income i.e.salary, house property, Business or profession, capital etc.

So far I have covered the changes which are made in exempt income, salary income, house property income and income from business or profession, now going to explain the changes which are applicable in "Capital Gain".i.e. profit or loss which arise when someone sale any capital asset.

Part-5- Before Filing ITR for Assessment Year 2020-21, Know Important changes in Income Tax Act-PGBP

Now Time has come to be ready to file income Tax return for the Assessment Year 2020-21, however there are lot of changes have been made by the Government.

Some changes are more important to know because Income tax Return cannot be filed correctly if are ignorant of these.

I am just making an effort to cover such amendments/changes in a series like what would be Tax Rate for the Assessment year , changes in particular source of income i.e.salary, house property, Business or profession, capital etc.

In earlier parts, we have included 

            (1 ) Rate of Income Tax for the Assessment year 2020-21                        (Read Part -1 here)

            (2)"Exempt income" i.e. Income which do not part of Total Income  (Read Part -2 here) 

            (3) Changes in the head "Income from Salary"                                     (Read Part -3 here)

            (4) Changes in "Income from House Property"                                (Read Part-4 here ) 

Now we will cover the changes made or brought in the head "Profit or gains from Business or profession "  which are specifically applicable for the Assessment year 2020-21 :- 

Profit or gains from Business or profession

Part-4- Before Filing ITR for Assessment Year 2020-21, Know Important changes in Income Tax Act

Now Time has come to be ready to file income Tax return for the Assessment Year 2020-21, however there are lot of changes have been made by the Government.

Some changes are more important to know because Income tax Return cannot be filed correctly if are ignorant of these.

I am just making an effort to cover such amendments/changes in a series like what would be Tax Rate for the Assessment year , changes in particular source of income i.e.salary, house property, Business or profession, capital etc.

In earlier parts, we have included 

            (1 ) Rate of Income Tax for the Assessment year 2020-21                        (Read Part -1 here)

            (2)"Exempt income" i.e. Income which do not part of Total Income  (Read Part -2 here) 

            (3) Changes in the head "Income from Salary"                                     (Read Part -3 here)

Now we will cover the changes made or brought in the head "Income from House Property"  which are specifically applicable for the Assessment year 2020-21 :-

Part-3- Before Filing ITR for Assessment Year 2020-21, Know Important changes in Income Tax Act

 Now Time has come to be ready to file income Tax return for the Assessment Year 2020-21, however there are lot of changes have been made by the Government.

Some changes are more important to know because Income tax Return cannot be filed correctly if are ignorant of these.

I am just making an effort to cover such amendments/changes in a series like what would be Tax Rate for the Assessment year , changes in particular source of income i.e.salary, house property, Business or profession, capital etc.

In earlier parts, we have included 

            (1 ) Rate of Income Tax for the Assessment year 2020-21   (Read Part -1 here)

            (2)"Exempt income" i.e. Income which do not part of Total Income (Read Part -2 here) 

Now we will cover the changes made or brought in the head "Income from Salary"  which are specifically applicable for the Assessment year 2020-21 :-

Part-2- Before Filing ITR for Assessment Year 2020-21, Know Important changes in Income Tax Act

 Now Time has come to be ready to file income Tax return for the Assessment Year 2020-21, however there are lot of changes have been made by the Government.

Some changes are more important to know because Income tax Return cannot be filed correctly if are ignorant of these.

I am just making an effort to cover such amendments/changes in a series like what would be Tax Rate for the Assessment year , changes in particular source of income i.e.salary, house property, Business or profession, capital etc.

In first part, we have included the rate of income Tax applicable for the Assessment year 2020-21 (Read Part -1 here) , now we will cover the changes made or brought in  "Exempt income" i.e. INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME  which are applicable for the Assessment year 2020-21 :-

Before Filing ITR for Assessment Year 2020-21, Know Important changes in Income Tax Act

 Now Time has come to be ready to file income Tax return for the Assessment Year 2020-21, however there are lot of changes have been made by the Government.

Some changes are more important to know because Income tax Return cannot be filed correctly if are ignorant of these.

I am just making an effort to cover such amendments/changes in a series like what would be Tax Rate for the Assessment year , changes in particular source of income i.e.salary, house property, Business or profession, capital etc.

First part is on the rate of  tax applicable for the Assessment year 2020-21:-