monthly update

12) In July 2020, a new Form 26AS came into effect with a new Section E showing high valued financial transactions. Also deadline for filing belated returns for FY 2018-19 has been further extended to 30th Sep 2020.

Particulars Old New
E-verification of Income Tax Returns
  • All income tax returns need to be verified within 120 days of filing the return.
  • Income tax return which have not been e-verified for AY 2015-16 to AY 2019-20 can still do so by 30th Sep 2020. This relaxation is not applicable for cases where Income Tax Department has already taken action.
Belated Income Tax Returns for FY 2018-19
  • Last date for filing Belated income tax returns for FY 2018- 19 was extended to 31st July 2020.
  • A penalty or interest would however be applicable for filing belated returns.
  • Last date for filing Belated income tax returns for FY 2018- 19 has been extended further to 30th Sep 2020.
  • A penalty or interest would however be applicable for filing belated returns.
Changes in Form 26AS
  • New form 26AS is effective from 1st June 2020.
  • New Form 26AS will contain details of high valued financial transactions of tax payers in the financial year under Part E.
Insurance on new vehicles
  • Long term motor insurance policies included Own Damage and third party insurance for 3 years for car owners and 5 years for two-wheeler owners.
  • From Aug 1 2020, vehicle owners need to purchase only long-term third party liability insurance for 3 years for car owners and 5 years for two-wheeler owners. This would reduce premiums to be paid on insurance policy, thereby reducing on-road price of the vehicle.

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    ITR 2 Rs. 3500+taxes Multiple form 16, Multiple house property, Capital gains from Indian stocks, house property, 1 Demat account, RSU Disclosure
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