Extension of the last ITR filing date! You can file your income tax return for fiscal year 2019-20 by this date

Last presentation date of ITR 2020: Good news for taxpayers. The last date to file the income tax return (ITR) for the fiscal year 2019-2020 (FY20) has been extended again. Now, people can file the ITR until January 10, 2021. The last date to file the ITR for the 2020-21 evaluation year was July 31, 2020, but then it was extended until November 30 and again until December 31, 2020. However, amidst the pandemic situation in the country, the government has extended the last date to January 10, 2021.

In light of the continuing challenges taxpayers face in meeting legal compliance due to the COVID-19 outbreak, the government has further extended the dates for various compliance. 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] has been extended until January 10, 2021.

The due date for the provision 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] has been extended from January 31, 2021 to February 15, 2021.

In addition, the due date for the provision of ITR for taxpayers who must file a report regarding specified international / domestic transactions has been extended to February 15, 2021.

It should be noted that the country’s Direct Tax professionals had urged Finance Minister Nirmala Sitharaman to extend the last date for the submission of the tax audit report, the income tax returns for audit cases. The PTI news agency had reported that the Direct Tax Professionals Association (DTPA) had urged Finance Minister Nirmala Sitharaman to extend the last date of submission of the tax audit report under section 44AB to 28 February. of income tax returns for the 2020-21 appraisal year in audit cases should be extended until March 31, 2021. Professionals have said that due to the Corona pandemic, normal operations are not yet complete. It has been established.

Previously, for fiscal year 2019-20, the government had also extended the date to make various investments / payments to claim deduction under Chapter-VIA-B of the TI Act which includes section 80C (LIC, PPF, NSC, etc.), 80D (Mediclaim), 80G (Donations) until July 31, 2020. Now the investment / payment can be made until July 31, 2020 to claim the deduction under these sections for the 2019-20 fiscal year . On income tax forms, Schedule DI allows taxpayers to claim exemptions on the investments they made during the extended period, through June 30, 2020.

Under normal circumstances, the last date to benefit from income tax is until March 31 of the fiscal year. The government had also extended the latest date for the issuance of Form 16 by employers to their employees. In fact, the extension has been granted for all TDS certificates (taxes deducted at source), including Form 16. The CBDT has already notified the Income Tax Declaration Forms for the evaluation year (AY) 2020- 21 and are available for electronic filing. by downloading Excel or the Java utility.