December 1, 2020: The economic recession along with the Covid-19 pandemic have paused many things. The nationwide lockdown affecting most businesses and individuals, everyone is far away from profits. Looking at the financial burden of the people because of the worldwide crisis the dates to file Income Tax Returns have also been extended.
The usual date for filing ITR for the financial year of 2019-20 would have been July 31, 2020.
However, the government has taken the note and given some major concessions when it comes to filing your ITR due to the worldwide pandemic.
Revised dates of Income Tax Returns (ITR)
Individuals can now file their ITR by December 31, 2020. This is an extension after the due date was already pushed back from July 31 to November 30.
The Income Tax Returns will still be assessed for the period between April 1, 2019 and March 31, 2020.
Other important dates relating to Income Tax are the following:
For filing Income Tax Returns, a fresh due date has also been issued for the taxpayers whose accounts require to be audited and it has been extended to January 31, 2021.
The due dates have been extended to help taxpayers get more time to file their income tax returns with the permission of the Central Board of Direct Taxes (CBDT).
For the various audit reports under the Act, including tax audit report and international report and specified domestic transaction businesses, individuals will also get more time. The new date for filing these will be January 31, 2021.
The new date for filing various audit reports under the Act has also been extended to December 31, 2020.
Income Tax Returns deadline extended for small taxpayers
The IT department also extended the deadline for small taxpayers, or those with a tax liability up to Rs 1 lakh, based on self-assessment to January 31, 2021.
The filing dates for payment of self-assessment taxes in cases of liabilities up to Rs 1 lakh were extended, to provide relief to small- and middle-class taxpayers.
The due date of November 30 was fixed for the cases with or without audit.
All the change in dates are brought about by an ordinance brought by the government called the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 on March 31, 2020 which has now been replaced by Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act.