RBI extends last date for filing returns on Foreign Liabilities and Assets for the year 2020 till 14th August, 2020

Ministry of Finance has issued Notification No. 56/2020 dated 29th July, 2020 to further extend the due date for furnishing the income tax return for Assessment Year 2019-20 till 30th day of September, 2020 instead of 31st day of July, 2020.

Further, a new proviso has been inserted after second proviso in Notification No. 35/2020 dated 24th June, 2020 to provide that in case of an individual resident in India, the tax paid by an individual under self-assessment basis within the due date (before extension) for Assessment Year 2020-21, shall be deemed to be considered as advance tax.



Source: Foreign Liabilities And Assets Information Reporting (FLAIR) System


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