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.
Extension of due date for filing Income Tax Return-ITR
Extension or relaxation in due date under Income Tax Act, 1961
In exercise of the powers conferred by sub-section (1) of section 3 of the
Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (2
of 2020), the Central Government further extended the due date of furnishing
Income Tax Return or Audit report under the Act, as well as relaxation has been
given by extending period for making invest under section 54 or section 54B or
under chapter-VI-A of the Act.
Brief of the Extension or relaxation are as under:-
(1) Extension of due date to file Income Tax return u/s 139
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