Key Tax Changes w.e.f 01.04.2020 Part 2
My Dear readers, followers, taxpayers & clients, Welcome to my blog. Get yourself update with changes in tax structures. I wrote in previous blog some key changes on tax structure. Now, let see some another key changes in this second part. Even while the country is in a complete lockdown to control the spread of Coronavirus in the country, the new financial year (FY) 2020-21 has started from April 1. For income tax purpose, while the FY 2020-21 has begun on April 1 and will end on March 31, 2021, the relevant assessment year (AY) will be AY 2021-22. All income earned during the FY is assessed in the AY and income tax return for FY 2020-21 is accordingly filed in the AY 2021-22. As a taxpayer and even if one is not a taxpayer, there have been several important changes that one needs to be aware of. Here are a few of those key income tax changes effective April 1, 2020. 1. Financial Year not extended It is important to note that contrary to the concern raised