ITR-filing deadline extended to January 10 for individuals: Details here
The Centre on Wednesday once again extended the deadline for individuals to file Income Tax Returns (ITRs) for FY2019-20, providing huge relief to taxpayers. The last date has now been extended by 10 days from December 31, 2020, to January 10, 2021. This is the third extension by the government in view of the challenges faced by taxpayers due to COVID-19 outbreak. Here's more.
Government further extends the dates for various compliances: I-T Department
To recall, the original deadline for filing the ITRs was on July 31, which was first extended till November 30 and then again till December 31 for the second time. "In view of the continued challenges faced by taxpayers in meeting statutory compliances due to outbreak of COVID-19, the Govt further extends the dates for various compliances (sic)," tweeted the Income Tax Department.
Here's what the Income Tax Department tweeted
In view of the continued challenges faced by taxpayers in meeting statutory compliances due to outbreak of COVID-19, the Govt further extends the dates for various compliances. Press release on extension of time limits issued today: pic.twitter.com/lMew09HXMq— Income Tax India (@IncomeTaxIndia) December 30, 2020
Deadline for companies extended to February 15
It is important to note that the extension of the deadline to January 10, 2021, applies to individuals whose accounts need not be audited and those who usually file the returns using the ITR-1 or ITR-4 forms. Meanwhile, for those individuals who are required to get their accounts audited as well as companies, the deadline has been extended to February 15.
Deadline for declarations under Vivad Se Vishwas is January 31
Also, the last date to file ITRs for taxpayers required to produce reports in respect of international/specified domestic transactions has been extended to February 15, 2021. The deadline for making declarations under Vivad Se Vishwas Scheme has been extended to January 31. The new deadline for furnishing of annual returns under Section-44 of the Central Goods and Services Tax Act, 2017 is February 28.
New deadline for payment of self-assessment tax
Providing relief to small- and middle-class taxpayers, the Centre has extended the last date for paying self-assessment tax as well. For taxpayers whose self-assessment tax liability is up to Rs. 1 lakh, the new deadline is February 15.
Centre raised penalty amount for missing ITR deadline
This year, the Centre also increased the amount of penalty levied on taxpayers for missing the ITR filing deadline. A fine of up to Rs. 10,000 will be imposed in such cases as opposed to the Rs. 5,000 penalty imposed last year. Notably, the imposition of the penalty for delayed ITR filing as per Section-234F came into effect from FY2017-18 onwards.