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ITR filing for 2019-20 extended by a month

The Income Tax Department on Saturday issued a number of guidelines on the revision of dates for filing returns under different categories. Here's a list

ITR filing for 2019-20 extended till Dec 31 ITR&nbsp;deadline&nbsp;for audits extended by 2 months Relief to taxpayers owing to Covid-19 pandemic

The Income Tax Department on Saturday issued a number of guidelines on the revision of dates for filing returns under different categories. The date for filing of individual income tax returns for FY 2019-20 has been extended for another month till December 31. The finance ministry said in the statement that for the&nbsp;taxpayers whose accounts need to be audited, the ITR&nbsp;deadline has been extended by two months till January 31, next year. Centre had&nbsp;in May extended the date for filing ITR for FY2019-20 from July 31 to November 30, in a major relief to taxpayers.

EPFO may credit 8.5% interest for FY20 in two instalments

The Employees&rsquo; Provident Fund Organisation on Wednesday recommended crediting the 8.5% interest rate to formal sector workers for FY20 in two instalments. It would comprise of 8.15% from debt income, which will be credited now and the remaining 0.35% will be credited in December subject to redemption of the EPFO&rsquo;s equity investments.
The&nbsp;EPFO&nbsp;is staring at a shortfall of ₹2,500 crore in FY20 if it gives out the interest rate of 8.5% to its subscribers at one go. The interest rate of 8.5% was already a seven-year low. If the EPFO is unable to credit the remaining 0.35% of interest rate in December this year, it will be the lowest returns that the fund's subscribers will get since 1977-78.
The EPFO&rsquo;s investments in the equity markets are&nbsp;yielded negative returns in 2019-20.

The Employees&rsquo; Provident Fund Organisation on Wednesday recommended crediting the 8.5% interest rate to formal sector workers for FY20 in two instalments. It would comprise of 8.15% from debt income, which will be credited now and the remaining 0.35% will be credited in December subject to redemption of the EPFO&rsquo;s equity investments.
The&nbsp;EPFO&nbsp;is staring at a shortfall of ₹2,500 crore in FY20 if it gives out the interest rate of 8.5% to its subscribers at one go. The interest rate of 8.5% was already a seven-year low. If the EPFO is unable to credit the remaining 0.35% of interest rate in December this year, it will be the lowest returns that the fund's subscribers will get since 1977-78.
The EPFO&rsquo;s investments in the equity markets are&nbsp;yielded negative returns in 2019-20.

Why are Indians borrowing less and spending less?

Financial liabilities have dropped across Indian households due to the lockdown and net savings have risen to 7.6% of gross national disposable income in 2019-20 according to preliminary estimates published by RBI in its annual report. It might sound like a great thing but it is also a cause of concern for the Indian economy. What happens going forward? BOOM Explains.
Madan Sabnavis, Chief Economist, CARE Ratings says that this trend more or less expected because we're talking of times when there is a lot of uncertainty - this was something which started even before COVID-19. The problem is that jobs were not being created at a commensurate rate with growth, which had already slowed down to 4.2%. In that kind of an environment, what really happens is that people tend to save more than they spend.
Last year, for example, consumer demand didn't pick up in the festival season post harvest season, which means that people were preferring to save the money and reduce spending. It's a good thing because people are saving more in financial instruments rather than putting it in gold. But since the major thing which has been driving the economy down today is low consumption, it is a matter of concern. And that can be addressed only in case we're able to increase income, which can be done in case we create more jobs.
Watch BOOM's Govindraj Ethiraj interview Madan Sabnavis on how good or bad is it for the Indian economy that more people are saving more money instead of spending it.

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