ITR presentation: the measure aims to facilitate the tax payment process for those evaluated because of COVID-19
The Income Tax Department extended the deadline for individual taxpayers to file their returns corresponding to fiscal year 2019-20 (fiscal year 2020-21) on Saturday by one month, in a relief to taxpayers due to COVID- 19. Taxpayers now have until December 31 to file their return of income earned between April 1, 2019 and March 31, 2020, instead of November 30. For people who need to audit their accounts, a new deadline of January 31, instead of December, applies. 31.
The last date for assessors who are required to submit audit reports on specific international or domestic transactions has also been extended to January 31, beginning on November 30.
In light of the limitations taxpayers face due to COVID-19, CBDT further extends the due dates for various compliances for the 2019-20 fiscal year:
The deadline for delivery of Income Tax Returns (ITR) for taxpayers whose accounts require auditing has been extended until January 31, 2021 (1/5) pic.twitter.com/cWWbXu80K9– India Income Tax (@IncomeTaxIndia) October 24, 2020
Due dates have been extended to “give taxpayers more time to file income tax returns,” according to the Central Board of Direct Taxes (CBDT), the department’s main policy-making body. Income Tax.
The Income Tax Department recognized the “challenges that taxpayers face in meeting statutory and regulatory compliance due to the COVID-19 outbreak.”
In May, the government had extended the date for filing income tax returns for the 2019-20 fiscal year to November 30, from July 31, and had also moved the last date to file several audit reports, including the fiscal audit report, as of October 31.
The Income Tax Department also extended the deadline for small taxpayers, or those with a tax liability of up to Rs 1 lakh based on the self-assessment, to January 31.
In June, the tax collector had also extended the due dates for the payment of self-assessment taxes in liability cases up to Rs 1 lakh, in an attempt to provide relief to small and middle class taxpayers. A November 30 deadline was set for cases with or without an audit.
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