On Saturday, CBDT (Central Board of Direct Taxes) extended the deadline for filing income-tax returns (ITR) for FY 2019-20 (AY 2020-21) from 30th November 2020 to 31st December, 2020. This is the second time that the due date has been extended this year. Usually, the due date is 31st July which now has been extended till 31st Dec for current assessment year.
This announcement has provided a major relief to the tax payers who were facing the challenge of meeting the statutory and regulatory compliances owing to COVID-19 Pandemic. This will give more time to taxpayers to furnish their income tax returns.
The government mentioned that it had received a large number of pleas for the extension in view of outbreak of COVID-19 pandemic and lockdown. The GST Council had also recommended that taxpayers should be granted more time to comply.
Not only this, but several chartered accountant bodies had also been urging the government to extend the return filing deadlines this year looking at the disruptions caused by the Coronavirus pandemic which further led to a national lockdown.
It was further announced that taxpayers whose accounts needs to be audited will have to file their returns latest by 31st January 2021. This means such tax payers got additional two months to file income tax returns. Earlier, the date was extended from 31st October to 30th November and now it got further extended till 31st December 2020.
CBDT statement further added that the due date for payment of self-assessment tax for taxpayers whose self-assessment tax liability is up to ₹1 lakh has also been extended to provide relief to small and middle class taxpayers. The new due dates to pay self-assessment tax is 31 January, 2021 for tax payers whose account needs to be audited and for the rest the due date is 31st Dec 2020.
It is crucial to understand that though the due date for filing of income-tax return for the Assessment Year 2020-21 has been extended, however no relief shall be provided from the interest chargeable under section 234A if the tax liability exceeds ₹1 lakh. Thus, if self-assessment tax liability of a taxpayer exceeds ₹1 lakh, he would be liable to pay interest under section 234A from the expiry of original due dates.
The due date for furnishing of ITRs for the taxpayers who are required to furnish report in respect of international/specified domestic transactions has also been extended to 31st January, 2021.
|Particulars||Original Due date||First Extension||Second Extension|
|ITR for FY 19-20 (AY 20-21)||31st July 2020||30th Nov 2020||31st Dec 2020|
|Payment of Self-assessment Tax (if upto 1 lac)||31st july 2020||30th Nov 2020||31st Dec 2020|
|ITR for FY 19-20 (AY 20-21) for taxpayers whose account needs to be audited||31st Oct 2020||30th Nov 2020||31st Jan 2021|
|Payment of Self-assessment Tax (if upto 1 lac) for taxpayers whose account needs to be audited||31st Oct 2020||30th Nov 2020||31st Jan 2021|
|Due date for furnishing of various audit reports including tax audit report and reports on specific domestic or international transactions||30th sep 2020||31st Oct 2020||31st Dec 2020|
|ITR for taxpayers who need to furnish reports on specific domestic or international transactions||30th Nov 2020||NA||31st Jan 2021|
The above table summarizes the extended deadlines for simple understanding.
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Not only this, the government on Saturday has also extended the due date for GST annual returns for FY 2018-19 by two months to December 31, 2020. Owing to lockdown, normal operation of businesses have still not been possible in several parts of the country and thus it has been requested from the government that the due dates for the same should be extended.
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