Centre extends the deadline to file tax returns to Dec 31

In a reduction to taxpayers, the federal government on Saturday additional prolonged the deadline for submitting returns by particular person taxpayers for monetary 12 months 2019-20 by a month until December 31. 

Also, the due date of furnishing Income Tax Returns (ITRs) for taxpayers whose accounts require to be audited has been prolonged until January 31, 2021.

The authorities had earlier in May prolonged numerous due dates for submitting ITRs for FY 2019-20 from July 31 to November 30, to present compliance reduction to taxpayers because of the Covid-19 pandemic.

In a press release, the Central Board of Direct Taxes (CBDT) stated, “The due date for furnishing of Income Tax Returns for the other 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 ITRS for “the taxpayers (including their partners) who are required to get their accounts audited [for whom the due date as per the I-T Act is October 31, 2020] has been extended to January 31, 2021”, it added. 

Also the due date for furnishing of ITRs for the taxpayers who’re required to furnish report in respect of worldwide/specified home transactions has been prolonged to January 31, 2021.

“The date for furnishing of various audit reports under the Act, including tax audit report and report in respect of international/specified domestic transaction, has been extended to December 31, 2020,” the CBDT stated. 

Further, in a reduction to small and middle-class taxpayers within the matter of fee of self-assessment tax, the due dates for fee have been prolonged. 

The CBDT stated in view of the “constraints being faced by taxpayers due to Covid-19”, the deadlines have been prolonged to “provide more time to taxpayers for furnishing of Income Tax Returns”.

Nangia & Co LLP Partner Shailesh Kumar stated the a lot awaited extension of due dates for submitting tax audit report, switch pricing certificates and ITRs has been lastly introduced by the federal government.

“The taxpayers, who have not yet paid their complete tax liability and are required to pay self assessment tax more than ₹1 lakh, will need to be mindful and pay taxes within original due dates, to avoid charging of interest for filing of ITR beyond original due date. For taxpayers who don’t have a self-assessment tax liability to pay or such amount is up to ₹1 lakh, this is an absolute extension without any additional burden,” Kumar added. 

Separately, the federal government on Saturday additionally prolonged the due date for furnishing GST annual returns for FY2018-19 by two months until December 31.

Furnishing of the GST annual return is necessary just for taxpayers with combination annual turnover above ₹2 crore whereas reconciliation assertion is to be furnished solely by the registered individuals having combination turnover above ₹5 crore.