The Income Tax Department on Saturday prolonged the deadline for particular person assessees to file their returns for monetary yr 2019-20 (evaluation yr 2020-21) by a month, in a reduction to taxpayers on account of COVID-19. Taxpayers now have till December 31 to file their return of earnings earned between April 1, 2019 and March 31, 2020, as an alternative of November 30. For people required to get their accounts audited, a brand new deadline of January 31 is relevant, as an alternative of December 31.
The final date for assessees required to furnish audit reviews on worldwide or specified home transactions has additionally been prolonged to January 31, from November 30.
In view of constraints being confronted by taxpayers because of COVID-19,CBDT additional extends due dates for varied compliances for FY 2019-20:
The due dt of furnishing Income Tax Returns(ITRs)for taxpayers whose accounts require to be audited has been prolonged to thirty first, January,2021 (1/5) pic.twitter.com/cWWbXu80K9
— Income Tax India (@IncomeTaxIndia) October 24, 2020
The due dates have been prolonged to be able to “provide more time to taxpayers for furnishing of income tax returns”, in response to the Central Board of Direct Taxes (CBDT), the highest policy-making physique of the Income Tax Department.
The Income Tax Department acknowledged the “challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19”.
In May, the federal government had prolonged the date for submitting earnings tax returns for monetary yr 2019-20 to November 30, from July 31. It had additionally moved the final date to furnish varied audit reviews – together with tax audit report – to October 31.
The Income Tax Department additionally prolonged the deadline for small taxpayers – – or these with a tax legal responsibility as much as Rs 1 lakh primarily based on self-assessment – to January 31.
In June, the taxman had additionally prolonged the due dates for cost of self-assessment taxes in instances of liabilities as much as Rs 1 lakh, in a bid to offer reduction to small- and middle-class taxpayers. A due date of November 30 was mounted for instances with or with out audit.