Quick Answer: Has The Financial Year 2019/20 Been Extended?

What is the tax slab for FY 2019 20?

Tax Rates for Individuals as per budget 2019-2020Income Tax Slab (in Rupees)Tax Rate for Individual Below the Age Of 60 Years0 to 2,50,000*Nil2,50,001 to 5,00,0005% of total income exceeding 2,50,0005,00,001 to 10,00,000Tax Amount of 12,500 for the income up to 5,00,000 + 20% of total income exceeding 5,00,0001 more row•Dec 11, 2019.

Is financial year extended for June 2020?

The government has announced that taxpayers have time until June 30, 2020 to complete their tax-saving exercise for FY2019-20. The earlier deadline was March 31, 2020. However, the government has clarified that this does not mean that the financial year has been extended.

How many weeks are we into the financial year?

2020 has 53 weeks. ISO 8601 is not the only week numbering system in the world, other systems use weeks starting on Sunday (US) or Saturday (Islamic). Lists of week numbers by year : 2019 – 2020 – 2021 – 2022 …

What is the 2020 tax year?

It’s the year preceding the April deadline for filing your tax return. You would file a 2019 tax return in April, 2020. Sort your important documents by tax year as you gather the receipts, income statements, and other documents you need to prepare your income tax return. In the end, it will make filing easier.

What is the income tax slab for AY 2020 21?

Income tax slab rate applicable for New Tax regime – FY 2020-21.Income Tax SlabNew Regime Income Tax Slab Rates for FY 2020-21 (Applicable for All Individuals & HUF)Rs. 5.00 lakhs- Rs 7.5 Lakhs10%Rs 7.5 lakhs – Rs 10.00 Lakhs15%Rs 10.00 lakhs – Rs. 12.50 Lakhs20%Rs. 12.5 lakhs- Rs. 15.00 Lakhs25%4 more rows•7 days ago

Is there any change in financial year 2019 20?

The government has not extended the current 2019-20 fiscal year and it will end as scheduled on March 31, the finance ministry said Monday. PTI erroneously reported that the new financial year will start from July 1.

What date is end of financial year 2020?

June 30June 30 – End of financial year. July 28 – Q4 BAS is due. October 31 – Tax return is due.

What is India’s financial year 2020?

Fiscal 2019-20 will end on June 30, 2020 while fiscal year 2020-21 will begin on July 1, 2020 but ends on March 31, 2021. Thereafter, all fiscal year will start on April 01 every year.

Is TDS return date extended?

Note: The due date for filing of return has been extended to January 10, 2021 vide Press Release, dated 30-12-2020.

What is the slab rate for AY 2020 21?

Also Read: Income Tax Slab for FY 2020-21 Part 2:Income Tax SlabsTax RatesUp to ₹3,00,000NilWithin the tax bracket of ₹3,00,000 to ₹5,00,0005%Within the tax bracket of ₹5,00,001 to ₹10,00,000₹10,000 + 20% of total income exceeding ₹5,00,000Above ₹10,00,000₹1,10,000 + 30% of total income exceeding ₹10,00,000

What is the 80c limit for 2020 21?

The maximum deductions available under a few sections are as follows: Section 80C to 80CCC: ₹ 1,50,000. Section 80CCD: ₹ 50,000. Section 80D: ₹ 30,000 for self, spouse and children, ₹30,000 for parents, ₹50,000 for senior citizens.

What is the period for FY 2019 20?

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.