MC Tax Solutions.

🤩The due date to file income tax returns for AY 2020-21 stands extended from 31 July to 30 November 2020.

👉The due date for tax audit stands extended from 30 September 2020 to 31 October 2020.
👉Similarly, the income tax returns filed upon a tax audit are now due by 30 November 2020.

Hurry up...

Missed ITR filing? You might pay penalty even if income is below exemption limit The government via Finance Act 2019 has amended the Income-tax Act whereby it has made it mandatory for certain categories of individuals to file their income tax return (ITR) even if their total income is below the exemption limit for FY 2019-20 onwards.

New tax regime:

In order to simplify the Income-tax law, the finance minister has introduced a new personal income tax regime from 01 April 2020, wherein lower income tax rates will apply for those individual taxpayers who forgo certain deductions and exemptions.