It is our national duty to pay income tax. the income tax return is the national duty of everyone.so to pay income tax. Theft of income tax is a hindrance to the progress of the development of the country. We should also make other people aware of the income tax. We are not doing anyone a favor by paying income tax, but we are paying our duty. And we should have the same feeling. Because it is the national duty of everyone to pay income tax.
Check – Income Tax new Updates
From income tax to self-reliant-
In view of the coronavirus, the government has extended the date of filing of Income Tax Return. Now IT returns can be filled by 30 November. The deadline for filing returns is usually 31 July, but keeping in mind the outbreak of the epidemic, this year it has been increased to 30 November. This decision of the Ministry of Finance is being seen as a relief for taxpayers.
Finance Minister Nirmala Sitharaman told in detail about the announcement of 20 lakh crore self-reliant India package by the Honorable Prime Minister Narendra Modi. Keeping in mind the Corona crisis, the government has increased the date of filing of income tax returns from 31 July to 31 November.
Cooperative role of government in tax relief- (income tax return)
The Finance Minister said that the deadline for direct tax assessment has also been increased. Now it has been increased from 30 September to 31 December. He also said that TDS, TCS rates have been reduced by 25%. This will give a relief of Rs 50,000 crore to those giving TDS and TCS. Especially for non-salaried people, it will be a great relief. That is, the refund will be given immediately to the professional.
The Finance Minister said that force measures will be implemented for real estate. Which will give him time relief in project completion? Their contract will not be considered over. Their registration and completion time has been extended for 6 months. Its date will be considered as 25 March.
Check – What and how to do income tax e filing.
Best decision on PF-
The Finance Minister told me about the important decision taken on PF that less than 15 thousand salaries will be profitable. By August, the government will deposit the amount in EPFO on behalf of the company and the employee. The government has taken this decision keeping in view the organized sectors. This will benefit 72 lakh employees of 3 lakh institutions. The Finance Minister said that the contribution of employers in EPF has been reduced from 12% to 10%, this will benefit them 6800 crores.
It is the national duty of all of us to pay income tax to make the country self-reliant. Theft of income tax is a hindrance to the progress of the development of the country. We should also make other people aware of the income tax. And to get the income tax deposited on time. So use the indigenous product and pay income tax on time. With this hope and belief, we will become self-sufficient.
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