New Delhi: The government said on Saturday that the due dates for filing income tax returns and tax audit reports for fiscal year 20 for various classes of taxpayers have been extended to give taxpayers more time to comply.
The government also, with the advice of the federal tax body, the Council of the Tax on Goods and Services (GST), extended the due date to file the annual return for fiscal year 2019 from October 31 to December 31, said the Ministry of Finance.
To file income tax returns for tax year 20, individuals who are not required to complete a tax audit report will now have until December 31. The original expiration date of July 31 was previously extended to November 30.
Taxpayers who must submit their tax audit reports: professionals with gross income greater than ₹50 lakh and those who run businesses with sales up to ₹1 crore – I also have overtime. Now they can file their tax returns before January 31st. The previous deadline, after an extension, was November 30.
Assessors who conduct international transactions or specific domestic transactions and are required to file tax audit reports, also have additional time to file their tax returns for fiscal year 20. According to Saturday’s announcement, they can file their tax returns for the year fiscal 2020 at the end of January.
“Accordingly, the date for the submission of various audit reports under the Income Tax Act, including the tax audit report and the report regarding international or specific domestic transactions, has also been extended to 31 December 2020, “said the statement from the Ministry of Finance.
The ministry also allowed additional time for small taxpayers to pay their self-assessment tax. This facility is available only to those with self-assessment tax liability up to ₹1 lakh. Consequently, those who are subject to a tax audit can pay the self-assessment tax at the end of January and others can pay at the end of December. The Finance Ministry said it will notify these changes.
The government also said that it has been receiving requests for more time to file the annual GST return and the reconciliation statement for fiscal year 2019. Consequently, the due date for them has been extended from October 31 to October 31. December, the ministry said.
Filing the annual return (form GSTR-9 / GSTR-9A) for fiscal year 2019 is optional for taxpayers who had sales below ₹2 crore. Filing the reconciliation statement on Form 9C is optional for taxpayers with sales up to ₹5 crore, the ministry said.
“Finally, industry demands have been met and the government has granted an appropriate extension to annual compliance with GST laws as well as income tax laws due to disruptions caused by the coronavirus,” said Rajat Mohan, Principal partner of the public accounting firm AMRG & Asociados.
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