{"id":3185,"date":"2020-08-05T15:06:19","date_gmt":"2020-08-05T09:36:19","guid":{"rendered":"https:\/\/www.finsafe.in\/financial-wellness\/?page_id=3185"},"modified":"2022-11-18T12:43:53","modified_gmt":"2022-11-18T07:13:53","slug":"july-2020-monthly-updates","status":"publish","type":"page","link":"https:\/\/www.finsafe.in\/financial-wellness\/july-2020-monthly-updates\/","title":{"rendered":"monthly update"},"content":{"rendered":"\t\t
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12) In July 2020, a new Form 26AS came into effect with a new Section E showing high valued financial transactions. Also deadline for filing belated returns for FY 2018-19 has been further extended to 30th Sep 2020. <\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\n\n\n\n\n\n\n
Particulars<\/td>\nOld<\/td>\nNew<\/td>\n<\/tr>\n
E-verification of Income Tax\nReturns<\/td>\n\n
    \n \t
  • All income tax returns need to be verified within 120 days\nof filing the return.<\/li>\n<\/ul>\n<\/td>\n
\n
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  • Income tax return which have not been e-verified for AY\n2015-16 to AY 2019-20 can still do so by 30th Sep 2020.\nThis relaxation is not applicable for cases where Income\nTax Department has already taken action.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
Belated Income Tax Returns for\nFY 2018-19<\/td>\n\n
    \n \t
  • Last date for filing Belated income tax returns for FY 2018-\n19 was extended to 31st July 2020.<\/li>\n \t
  • A penalty or interest would however be applicable for\nfiling belated returns.<\/li>\n<\/ul>\n<\/td>\n
\n
    \n \t
  • Last date for filing Belated income tax returns for FY 2018-\n19 has been extended further to 30th Sep 2020.<\/li>\n \t
  • A penalty or interest would however be applicable for\nfiling belated returns.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
Changes in Form 26AS<\/td>\n\n
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  • New form 26AS is effective from 1st June 2020.<\/li>\n<\/ul>\n<\/td>\n
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  • New Form 26AS will contain details of high valued financial\ntransactions of tax payers in the financial year under Part E.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
Insurance on new vehicles<\/td>\n\n
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  • Long term motor insurance policies included Own Damage\nand third party insurance for 3 years for car owners and 5\nyears for two-wheeler owners.<\/li>\n<\/ul>\n<\/td>\n
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  • From Aug 1 2020, vehicle owners need to purchase only\nlong-term third party liability insurance for 3 years for car\nowners and 5 years for two-wheeler owners. This would\nreduce premiums to be paid on insurance policy, thereby\nreducing on-road price of the vehicle.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n