What Is The Assessment Year For Financial Year 2020 21?

Can we file ITR for assessment year 2020 21?

ITR 2020-2021 | The last date to file income tax return (ITR) for assessment year (AY) 2020-21 has been extended till 30 November.

ITR 2020-2021 | The last date to file income tax return (ITR) for assessment year (AY) 2020-21 has been extended till 30 November..

What will be the assessment year for ITR?

What is AY and FY in ITR? For the purpose of income tax, financial year (FY) is the period between April 1 and March 31 when you earn your salaries and income. The FY is followed by the assessment year (AY) when the income earned is assessed and taxed. Both AY and FY begin on April 1 and end on March 31.

What is the due date for tax filing FY 2019/20 AY 2020 21?

November 30, 2020The Government issued a notification on June 24, 2020 under the Ordinance which, inter alia, extended the due date for all Income Tax Returns for the FY 2019-20 (AY 2020-21) to November 30, 2020.

What is difference between fiscal year and financial year?

A company’s fiscal year is its financial year; it is any 12-month period that the company uses for accounting purposes. The fiscal year is expressed by stating the year-end date. A fiscal year-end is usually the end of any quarter, such as March 31, June 30, September 30, or December 31.

What is India’s financial year 2020?

Fiscal 2019-20 will end on June 30, 2020 while fiscal year 2020-21 will be beginning on July 1, 2020 but end on March 31, 2021. Thereafter, all fiscal year will begin on April 01 every year. For the time being, both the RBI and the Government adhere the ‘T plus one’ system.

What is the current financial year?

The income you earned from 1st April 2020 to 31st March 2021 is the income earned in the current Financial Year (FY) 2020-21. Also, Any income earned by you for the period starting from 1st April 2020 to 31st March 2021 can be simply stated as income earned in Financial Year (FY) 2020-21.

Can a company extend its financial year?

The Registrar has power to extend a financial year up to eighteen months in terms of the proviso under section 210(4) of the Act. The company shall make an application in the prescribed e-Form 61 (prescribed by the Notification No. … Financial year extension also requires approval under the Income-tax Act, 1961.

What is financial year as per Companies Act 2013?

“Financial Year”, in relation to any company or body corporate, means the period ending on the 31st day of March every year, and where it has been incorporated on or after the 1st day of January of a year, the period ending on the 31st day of March of the following year, in respect whereof financial statement of the …

When can you extend a company year end?

There is no limit to the amount of times you can shorten a year end date but you can only extend the period to a maximum of 18 months once in every five years. The financial year can also be extended under limited circumstances such as when the company has been put into administration.

What is the rebate for AY 2020 21?

From the AY 2020-21 rebate u/s 87A (only for Individual) is available only if the Net Total Income < Rs. 5,00,000/-. The quantum of maximum rebate will be Rs. 12500/-....Income tax slabs.Taxable incomeTax RateRs. 2,50,000 to Rs. 5,00,0005%Rs. 5,00,000 to Rs. 10,00,00020%Above Rs. 10,00,00030%1 more row•Aug 10, 2020

What is the last date of ITR 2020 21?

31 December, 2020Check new dates. In a major relief to taxpayers, the Central Board of Direct Taxes (CBDT) on Saturday extended the deadline for filing income-tax returns (ITR) for FY 2019-20 (AY 2020-21) by a month till 31 December, 2020.

What is assessment year and financial year?

An FY starts on 1 April and ends on 31 March. So, if you have worked and earned income in 2017-18, it will be considered the financial year. Assessment year: On the other hand, assessment year (AY) is the year following the financial year, in which your income is assessed.

Are you filing return of income under seventh?

The income tax forms for the AY2021 has been amended to take a declaration from the taxpayer to state that if he or she is filing the return under the seventh proviso to section 139(1) declaring his or her gross total income is below the threshold limit of ₹2.5 lakh in case of individual below 60 years of age, ₹3 lakh …

What is the last date to file IT return for FY 2019 20?

As announced by the government in a press conference, the due date for all income-tax return (ITR) for FY 2019-20 has been extended from July 31, 2020, and October 31, 2020, to November 30, 2020, and tax audit from September 30, 2020 to October 31 2020.

Is TDS return date extended?

Getty Images Last year too, the govt had extended the last date for filing TDS returns for FY 2018-19 to June 30, 2019 and deadline to issue Form 16 to July 10, 2019. The government, on May 13 announced the extension of income tax return (ITR) filing deadline for FY 2019-20 to November 30, 2020 from July 31, 2020.

Can financial year exceed 12 months?

The financial year of a company is usually of 12 months but the same may not be true all the time. (iii) The maximum period of financial year can be fifteen months. … Â However, with the permission of the ROC it can be extended upto eighteen months.

What is the income tax slab for AY 2020 21?

INCOME SLAB AND TAX RATES FOR F.Y. 2020-21/A.Y 2021-22Taxable incomeTax Rate (Existing Scheme)Tax Rate (New Scheme)Rs. 7,50,001 to Rs. 10,00,00020%15%Rs. 10,00,001 to Rs. 12,50,00030%20%Rs. 12,50,001 to Rs. 15,00,00030%25%Above Rs. 15,00,00030%30%3 more rows

How financial year is calculated?

For instance, if your financial year is from 1 April 2019 to 31 March 2020, then it is known as FY 2019-20. The assessment year for the money earned during this period would begin after the financial year ends – that is from 1 April 2020 to 31 March 2021. Hence, the assessment year would be AY 2020-21.

What is itr1 itr2 itr3 and ITR 4?

An Individual/HUF, having income as a partner of a partnership firm that is carrying out business/profession, does not need to file ITR-3. ITR 4 Sugam Form is for the taxpayers who have opted for the presumptive income scheme under Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act.

What ITR form should I use?

Individuals and NRI having income from salary, house property, capital gains and other sources can file ITR-2. Salaried individuals who have gains or losses from buying and selling shares should file ITR-2. ITR-3 for individuals to report their income from a business or a profession.

Can I file ITR for last 3 years now?

No, one cannot file the ITR for the last three years at a stretch i.e in one year. … In case you have missed the extended deadline fixed for filing the ITR, you can still file your ITR with a penalty called “ Belated Return” as per the finance act, 2017.