Due to the effect of the coronavirus, the government has extended several important deadlines till June 30. Now the Income Tax Department has given relief to those who are going to submit the 15G and 15H forms for the current financial year. Actually, the last date for filling both these forms has been increased to 30 June 2020.
The order issued by the Central Board of Direct Taxes (CBDT) states that 15G and 15H forms submitted in the last financial year will be valid until June 30, 2020. CBDT said that if a person has submitted a valid 15G and 15H form with the bank or other financial institutions for the financial year 2019-20, then they will be valid for the financial year 2020-21 till June 30, 2020.
Form 15H is required to be submitted to senior citizens, while Form 15G is required to be submitted to those whose taxable income is less than the exemption limit. Taxpayers usually submit these forms to banks and financial institutions in April. The CBDT has taken this step in view of the difficulties faced by the people in view of Kovid-19.
This deadline has extended
Explain that due to the lockdown, the last date for filing income tax returns for the financial year 2018-19 has also been increased to 30 June. Actually, the last date for filing returns for the financial year 2018-19 was 31 August 2019. From 1 September 2019 to 31 December 2019, the maximum penalty for filing the return was 5000 rupees.
The maximum penalty for filing a return from January 1 to March 31, 2020, is 10 thousand rupees. But now It’s deadline has increased till June 30. However, there is also a slight relief on the penalty front.