Swipe through the latest business and wealth clues with our android app

Pay tax by July 31 if self assessment tax liability exceeds Rs 1 lakh for FY 19-20

According to a press release issued by the CBDT, individuals with self-assessment tax liability for FY 2019-20 (AY 2020-21) up to Rs 1 lakh can deposit the tax till November 30, 2020. Even though ITR filing date for individuals has been extended till November 30, 2020, no relaxation has been granted to individuals having self assessment tax liability of over Rs 1 lakh. Where self-assessment tax exceeds Rs 1 lakh, the same has to be paid by the due dates specified in the Income-Tax Act i.e. July 31 and delayed payment will attract penal interest u/s 234A of the Act.

©2020 TheNewsClues