The CBDT said the deadlines have been extended in order to “give taxpayers more time to file income tax returns.”
To allow more time for taxpayers to file Income Tax Returns (ITR) for the 2019-20 financial year, the government has further extended the due date for filing Income Tax Returns.
For taxpayers who need to audit their accounts or submit reports on specific national or international transactions, the deadline is now January 31, 2021. For the rest, it has been extended to December 31, 2020 from the previous limit of 30 of November.
Several chartered accounting bodies had been urging the government to extend the filing deadlines this year in light of the disruptions caused by the COVID-19 pandemic that led to a nationwide shutdown beginning March 24. The government had previously extended the deadline from July 31 to November 30.
“Also, in order to provide relief to small and middle class taxpayers … the due date for payment of the self-assessment tax for taxpayers whose self-assessment tax liability is up to ₹ 1 lakh had been extended to November 30, 2020 “. The Central Board of Direct Taxes (CBDT) said in a statement Saturday, adding that these deadlines had again been extended “to provide relief for the second time to small and middle class taxpayers.”
The due date for the payment of the self-assessment tax for these taxpayers has now been extended to January 31, 2021 for those who need to submit audited accounts or report specific transactions. For the rest, the deadline has been extended until December 31, 2020.
Accordingly, the date for the submission of various audit reports under the Income Tax Act, including the tax audit report and the report regarding the specified / international domestic transaction has also been extended to December 31. 2020 from the previous extended deadline of October 31, 2020.
.
