Updated: October 24, 2020 7:00:48 pm
The deadline for filing personal income tax returns for the 2019-20 fiscal year has been extended by one month until December 31.
The government has further extended the filing deadlines for income tax returns and annual GST returns. The deadline for filing income tax returns for individuals for the fiscal year 2019-20 (tax year 200-21) has been extended for one month until December 31 and the expiration date of the Income Tax Returns of taxpayers whose accounts require auditing was extended until January 31 of next year.
Why the extension?
Many associations of tax advisers and public accountants have been in recent weeks making efforts for a greater extension of the filing deadlines, citing the difficulties they face due to the Covid-19 pandemic. 📣 Follow Express explained on Telegram
Although the CBDT had extended the due dates for filing TI statements before, associations and industry representatives said it is highly unlikely that the assessor will be in a position to audit the accounts before October 31 and beyond. submit declarations before November 30. .
The other changes in due dates
“The expiration date for filing the Income Tax Returns of 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] it has been extended until December 31, 2020, ”the Income Tax Department said on Saturday.
The due date for the supply of ITR for taxpayers (including their partners) who must audit their accounts. [for whom the due date as per the I-T Act is October 31, 2020] It has been extended to January 31, 2021, he said.
In addition, the due date for the provision of ITR for taxpayers who must file a report regarding international / specific domestic transactions has been extended to January 31, 2021.
In early May, the government extended several ITR filing due dates for fiscal year 2019-20 from July 31 to November 30 as part of measures to provide compliance-related relief to taxpayers in the wake of the COVID-19 pandemic.
Separately, on Saturday the government also extended the due date for the annual GST returns for fiscal year 2018-19 by two months to December 31.
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