Last date for filing of IT returns extended up to January 10, 2021

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The due date for furnishing of Income Tax Returns for the taxpayers and their partners who are required to get their accounts audited for whom the due date was on December 31st, 2020, was extended up to January 31, 2021.

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The extension for filing the returns has come 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 (‘the Ordinance’) on March 31, 2020, 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 The Ordinance has since been replaced by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act.

The due date for furnishing of Income Tax Returns for the taxpayers who are required to furnish a report in respect of international/specified domestic transactions [for whom the due date (i.e. before the said extension) as per the Act was November 30th, 2020 was extended to January 31, 2021.

The due date for furnishing of Income Tax Returns for the other taxpayers for whom the due date (i.e. before the said extension) as per the Act was July 31, 2020, was extended to December 31, 2020.

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 was also extended to December 31, 2020.

Considering the problems being faced by the taxpayers, it has been decided to provide further time to the taxpayers for furnishing of Income Tax Returns, tax audit reports and declaration under Vivid Se Vishwas Scheme. Further, in order to provide more time to taxpayers to comply under various ongoing proceedings, the dates of completion of proceedings under various Direct Taxes & Benami Acts have also been extended. These extensions are as under:

The due date for furnishing of Income Tax Returns for the Assessment Year 2020-21 for the taxpayers including their partners who are required to get their accounts audited and companies for whom the due date, as per the provisions of section 139 (1) of the Income-tax Act,1961, was October 31, 2020, and which was extended to November 30, 2020, and then to January 31, 2021, has been further extended to February 15, 2021.

b. The due date for furnishing of Income Tax Returns for the Assessment Year 2020-21 for the taxpayers who are required to furnish a report in respect of international/specified domestic transactions [for whom the due date, as per the provisions of section 139(1) of the Income-tax Act,1961, was November 30, 2020, and which was extended to January 31, 2021, has been further extended to February 15, 2021.

c. The due date for furnishing of Income Tax Returns for the Assessment Year 2020-21 for the other taxpayers [for whom the due date, as per the provisions of section 139(1) of the Income-tax Act, 1961, was July 31, 2020, and which was extended to November 30, 2020, and then to December 31, 2020, has been further extended to January 10, 2021.

d. The date for furnishing of various audit reports under the Act including tax audit report and report in respect of international/specified domestic transaction for the Assessment Year 2020-21 has been further extended to January 15, 2021.

e. The last date for making a declaration under Vivad Se Vishwas Scheme has been extended to January 31, 2021, from December 31, 2020.

f. The date for the passing of orders under Vivad Se Vishwas Scheme, which are required to be passed by January 30, 2021, has been extended to January 31, 2021.

Further, in order to provide relief for the third 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 February 15, 2021, for the taxpayers mentioned in para 4(a) and para 4(b) and to January 10, 2021, for the taxpayers mentioned in para 4(c).

The Government has also extended the due date of furnishing of annual return under section 44 of the Central Goods and Services Tax Act, 2017 for the financial year 2019-20 from December 31, 2020, to February 28, 2021.

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

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