The due date for passing issuance of notice under direct taxes & Benami acts – 31st march 2021.Last date for passing orders under vivad se Vishwas scheme – 31st January 2021.Last date for vivad se Vishwas scheme declaration – 31st January 2021.The due date for furnishing audit reports of tax audit reports and international/specified/domestic transactions – 15th January 2021.Due Date Income tax return for FY 2019-20 (AY 2020-21) – 10th January 2020 (For Other taxpayers).Due Date Income tax return for FY 2019-20 (AY 2020-21) – 15th February 2021 (For international/specified/domestic transactions).Due Date Income tax return for FY 2019-20 (AY 2020-21) – 15th February 2021 (Audit Required).As per the section 234F of the Income Tax Act, 1961, the taxpayer must pay penalty for delay in filing of ITR.Ĭheck out Due dates for tax assessment under Vivad se vishwas scheme, direct tax & Benami acts_.The due date for annual return section 44 CGST FY 2019-20 – 28th Feb 2021.The due date for self-assessment tax payment – 10th January 2021 (para 4(c).Due date for self assesment tax payment upto 1 lakh – 15th February 2021 (para 4(a) & para(b).The due date for furnishing audit reports of tax audit reports and international/specified/domestic transactions – 31st December 2020.Due Date Income tax return for FY 2019-20 (AY 2020-21) – 31st December 2020 (For Other taxpayers).Due Date Income tax return for FY 2019-20 (AY 2020-21) – 31st January 2021 (For international/specified/domestic transactions).Due Date Income tax return for FY 2019-20 (AY 2020-21) – 31st January 2021 (Audit Required).The taxpayers need to pay Advance Tax as per the following table: Taxpayers, Businesses, Salaried Individuals, and freelancers with tax liabilities during the current financial year are greater than Rs 10,000 are needed to pay advance tax in four installments throughout the financial year in which they earn income. Advance TaxĪlso referred to as ‘pay as you earn Scheme in ’ in contrast to the scheduled annual tax payment tax procedures, Advance Tax is paid on a Presumptive basis. TDS is an ideal mechanism for the government to ensure timely Income Tax payment as well as curb tax evasion. The other person/corporation must, however, abide by the prevalent IT laws. The tax is paid by a third person/corporation who/which happens to be the source of income for the taxpayer if the payment exceeds certain threshold limits at the rate prescribed by the government of India. TDS, as it is commonly known as Tax Deducted at Source. Income Tax is further subdivided into many categories but there are three main categories of income tax based on the category of payee and time of payment. In addition to these Income Tax also acts as a fiscal deficit stabilizer as well as minimizing the impact of Global Economic Cycles. Like all taxes, accrues from Income Tax also constitute a good portion of the country/state treasury. Income tax due dates come every year in March ending must be followed strictly for safeguarding financial interest.Ī popular example in this regard would be the GST or the VAT. Indirect tax is levied on goods and services. There are different types of taxes and they can all be categorized into two main groups i.e Direct tax and Indirect Tax.Ī direct tax is levied on the income or profit of an individual. More than 86 per cent of people aged 12 and over in Britain have had their first dose of vaccine and around 79 per cent have received both doses, the latest figures showed.Tax is a pivotal arm for the good governance of a state or nation. "Viruses mutate often and at random, and it is not unexpected that new variants will continue to arise as the pandemic goes on, particularly while the case rate remains high," said Jenny Harries, chief executive of the UKHSA. While evidence is still emerging, so far it does not appear this variant causes more severe disease or renders the vaccines currently deployed any less effective. The UKHSA said it`s monitoring it closely, although the original Delta variant is "overwhelmingly dominant" in the country, making up approximately 99.8 per cent of all cases. Cases have been confirmed through whole genome sequencing in all nine regions of England. It accounted for approximately 6 per cent of all cases during the last week. The UKHSA said the designation was made on the basis that this sub-lineage has become increasingly common in the country in recent months, and there is some early evidence that it may have an increased growth rate in Britain compared to Delta, reports Xinhua news agency.Īs of October 20, there were 15,120 confirmed cases in England since it was first detected in July. London: The UK Health Security Agency (UKHSA) confirmed that the Delta variant sub-lineage (Delta AY.4.2) was designated a Variant Under Investigation (VUI) on October 20, and has been given the official name VUI-21OCT-01.