the coronavirus
The pandemic has stopped many things with the national shutdown affecting most businesses and individuals. The dates for filing income tax returns have also been extended to ease the burden on individuals. The usual date to submit the ITR for the 2019-20 fiscal year would have been July 31, 2020. However, the government has taken note and granted some important concessions when it comes to submitting its ITR due to the global pandemic.
People can now file their ITR before December 31, 2020. This is an extension after the expiration date has already been pushed back from July 31 to November 30. The ITR will still be evaluated for the period between April 1, 2019 and March 31, 2020.
The other important dates regarding Income Tax are the following:
– A new expiration date has also been issued for ITR filing for taxpayers whose accounts require auditing and has been extended until January 31, 2021.
– Due dates have been extended to help taxpayers have more time to file their income tax returns with the permission of the Central Board of Direct Taxes (CBDT).
– Businesses and individuals will also have more time for various audit reports under the Act, including the tax audit report and the report regarding international / specified domestic transactions. The new date for the presentation of these will be January 31, 2021.
– The new date for the presentation of various audit reports under the Law has also been extended to December 31, 2020.
– The IT 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 until January 31, 2021.
– In June, the filing dates for payment of self-assessment taxes were extended in cases of liabilities of up to Rs 1 lakh, to provide relief to small and middle class taxpayers. November 30 was set as the deadline for cases with or without audit.
– The change in dates was due to an ordinance introduced by the government called Ordinance on Tax and Other Laws (Relaxation of Certain Provisions), 2020 on March 31, 2020, which has now been superseded by Tax and Other Laws (Relaxation and amendment) of certain provisions).
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