Income tax return filing deadline extended till December 31
The Finance Ministry on Saturday announced that the deadline for filing income tax returns (ITRs) for the financial year (FY) 2019-20 for individual taxpayers has been extended by a month till December 31. Earlier in May, the Centre had extended the ITR deadline for FY 2019-20 (AY 2020-21) from July 31 to November 30 to provide compliance relief to taxpayers. Here are more details.
January 31 deadline for taxpayers whose accounts need auditing
On the other hand, the last date for ITR filing for the taxpayers who are required to get their accounts audited has been extended by the government by two months till January 31, 2021. It is essential to note that, this extension applies to those taxpayers for whom the deadline for filing returns is October 31, 2020, as per the Income Tax Act.
Here's what the CBDT said in its statement
The Central Board of Direct Taxes (CBDT) stated, "The due date for furnishing of Income Tax Returns for the taxpayers [for whom the due date (i.e. before the extension by the said notification) as per the Act was July 31, 2020] has been extended to December 31, 2020." It added that the deadlines were extended to "provide more time to taxpayers" for filing returns.
New deadline for payment of self-assessment tax
In a move to provide relief to small and middle-class taxpayers for the second time, the government has extended the last date for the payment of the self-assessment tax as well. For the taxpayers with a self-assessment tax liability of up to Rs. 1 lakh, the due date has been extended from November 30 to January 31.
Deadline for submitting various audit reports extended to December 31
Meanwhile, the deadline for filing the tax returns for those taxpayers who need to furnish reports concerning international or specified domestic transactions has also been extended from November 30, 2020, to January 31, 2021. Also, the Centre has extended the last date for submitting various audit reports as per the I-T Act to December 31, 2020.
Centre extended all FY20 ITR filing deadlines earlier in June
On March 31, the government had promulgated Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, which extended various deadlines, considering the challenges due to COVID-19 outbreak. The Ordinance was later replaced by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act. On June 24, the Centre had notified the extension of all FY20 ITR deadlines, which have now been revised.