IT Returns filing date extended to Dec 31, relaxation in audit reports furnishing deadline too

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In order to provide more time to taxpayers for furnishing of IT Returns, it has been decided to further extend the due date said the government 

In a major relief for the taxpayers in the country, the government further extended the last date for filing Income Tax Returns by a month to December 31, 2020.

“In order to provide more time to taxpayers for furnishing of Income Tax Returns, it has been decided to further extend the due date for furnishing of Income-Tax Returns,” said the Finance Ministry in a statement on Saturday.

In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 on March 31 this year which, inter alia, extended various time limits. The Ordinance has since been replaced by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act.

Accordingly, 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.

“The deadline for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited [for whom the due date (i.e. before the extension by the said notification) as per the Act is October 31, 2020] has been extended to January 31, 2021,” said the ministry.

Again, the last date for filing the IT Returns for the taxpayers who are required to furnish report in respect of international/specified domestic transactions [for whom the due date (i.e. before the extension by the said notification) as per the Act is November 30, 2020] has been extended to January 31, 2021, said the government.

Consequently, the date for furnishing of various audit reports under the Act including tax audit report and report in respect of international/specified domestic transaction has also been extended to 31st December, 2020.

Further, in order to provide relief to small and middle class taxpayers, the said notification dated June 24, 2020 had also extended the due date for payment of self-assessment tax for the taxpayers whose self-assessment tax liability is up to Rs 1 lakh, the government said.

Accordingly, the due date for payment of self-assessment tax for the taxpayers who are not required to get their accounts audited was extended from July 31, 2020 to November 30, 2020 and for the auditable cases, this due date was extended from October 31, 2020 to November 30, 2020.

“In order to provide relief for the second time to small and middle class taxpayers in the matter of payment of self-assessment tax, the due date for payment of self-assessment tax date is hereby again being extended. Accordingly, the due date for payment of self-assessment tax for taxpayers whose self-assessment tax liability is up to Rs 1 lakh has been extended to January 31, 2021 for the taxpayers mentioned in para 3(A) and para 3(B) and to December 31, 2020 for the taxpayers mentioned in para 3(C),” said the ministry.

The government issued a notification on June 24 2020 under the Ordinance which, inter alia, extended the  due date for all Income Tax Returns for the FY 2019-20 (AY 2020-21) to November 30, 2020. Hence, the returns of income which were required to be filed by July 30, 2020 and October 31, 2020 are required to be filed by November 30, 2020.

Consequently, the date for furnishing various audit reports including tax audit report under the Income-tax Act, 1961 (the Act) has also been extended to October 31, 2020, said the government.

The necessary notification in this regard shall be issued in due course.

Image credit: Financial Express

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