The government on Tuesday extended the deadline for filing income-tax returns for the FY20 assessment year by individuals and certain non-corporate assessees by one month to 31 August.
The extension of due date was applicable to all taxpayers liable to file their tax returns by 31 July, the original due date. This applies to assessees other than corporate taxpayers and a few others, including non-corporate entities, the books of which need not be audited, said the Central Board of Direct Taxes (CBDT).
Some taxpayers were reportedly facing difficulties in filing their tax returns because of various reasons, including the extension of date for issuing Form 16, the tax deducted at source (TDS) certificate given by employers, said the CBDT order.
Order u/s. 119 of the income-tax Act, 1961 for extension of due date for filing of ITRs for the A.Y 2019-20 from 31st July, 2019 to 31st August, 2019
After Section 114AA of the Customs Act, the following new section has been inserted w.e.f. 5th-July-2019.
Section-114AB – Where any person has obtained any instrument by fraud, collusion, wilful misstatement or suppression of facts and such instrument has been utilised by such person or any other person for discharging duty, the person to whom the instrument was issued shall be liable for penalty not exceeding the face value of such instrument.
Explanation.–– For the purposes of this section, the expression “instrument” shall have the same meaning as assigned to it in the Explanation 1 to section 28AAA.
Explanation 1.— For the purposes of this sub-section, ―instrument‖ means any scrip or authorisation or licence or certificate or such other document, by whatever name called, issued under the Foreign Trade (Development and Regulation) Act, 1992 (22 of 1992), with respect to a reward or incentive scheme or duty exemption scheme or duty remission scheme or such other scheme bestowing financial or fiscal benefits, which may be utilised under the provisions of this Act or the rules made or notifications issued
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