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Big reduction for taxpayers! Centre extends deadline for submitting revenue tax return for FY20 until December 31

New Delhi: Providing additional reduction to thousands and thousands of particular person tax payers, the Finance Ministry on Saturday prolonged the deadline for submitting returns by particular person taxpayers for FY 2019-20 by a month until December 31.

For these taxpayers whose accounts have to be audited, the Income-Tax Return submitting deadline has been prolonged by two months until January 31, 2021, the Finance Ministry stated in a press release on Saturday.

It could also be famous that the federal government had in May prolonged the date for submitting ITR for FY2019-20 from July 31 to November 30, to present compliance reduction to taxpayers.

In a press release, 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.”

The due date for furnishing of ITR for the taxpayers, who’re required to get their accounts audited (for whom the due date as per the I-T Act is October 31, 2020), has been prolonged to January 31, 2021, it added.

The CBDT stated the deadlines have been prolonged with a view to “provide more time to taxpayers for furnishing of Income Tax Returns”.

Meanwhile, the Income Tax Department has issued a prolonged instruction guide working into a whole bunch of pages for filling up the tax returns for evaluation yr 2020-21.

The Income Tax Department has issued an in depth step-by-step reckoner for submitting tax returns to be submitted underneath completely different heads.

These directions are pointers to assist the taxpayers for filling the particulars in Income-tax Return Form-1 for the Assessment Year 2020-21 referring to the Financial Year 2019-2020.

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