New Delhi (NVI): The Income Tax Department has extended the income tax return (ITR) filing deadline for FY 2019-20 till December 31, 2020, for most individual taxpayers, from the earlier deadline of November 30, 2020.
The last date for assessees required to furnish audit reports on international or specified domestic transactions has also been extended to January 31, from November 30.
Furthermore, for individuals required to get their accounts audited, a new deadline of January 31 is applicable, instead of December 31.
In view of constraints being faced by taxpayers due to COVID-19,CBDT further extends due dates for various compliances for FY 2019-20:
The due dt of furnishing Income Tax Returns(ITRs)for taxpayers whose accounts require to be audited has been extended to 31st, January,2021 (1/5) pic.twitter.com/cWWbXu80K9— Income Tax India (@IncomeTaxIndia) October 24, 2020
The due dates have been extended in order to “provide more time to taxpayers for furnishing of income tax returns”, according to the Central Board of Direct Taxes (CBDT), the top policy-making body 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 government had extended the date for filing income tax returns for financial year 2019-20 to November 30, from July 31. It had also moved the last date to furnish various audit reports – including tax audit report – to October 31.
The Income Tax Department also extended the deadline for small taxpayers – – or those with a tax liability up to ₹ 1 lakh based on self-assessment – to January 31.
-CHK
