Home National News All you need to know about the revised dates of Income Tax...

All you need to know about the revised dates of Income Tax Returns (ITR)

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.

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.

Income-Tax-Returns-in-India-utkal-today
Image: India Briefing

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.

Also read: Credit Card to Income Tax: Changes in Ten rules from October 1

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.

Pallavi Mishra
I am Pallavi Mishra. I’m an economics student who’s a poet by heart. A poet who has adequate analytical skills. I am aspiring to work with grooved and prestigious platforms which will polish my skills. I would be glad if my orator skills will help any organization.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Solve : *
46 ⁄ 23 =


Most Popular

Sanjita Mohapatra of Odisha secures the 10th rank in UPSC

Sanjita Mohapatra of Odisha made the state proud by winning laurels by securing the 10th rank in the prestigious Union Public Service...

Ratha Jatra- The Festival that the entire universe celebrates

 ‘Jagannathah svami nayana-patha-gami bhavatu me’ (May it be so that Lord Jagannath be the object of my vision.)

Ganesh Chaturthi: Celebrating the God of wisdom

Ganesh Chaturthi is a time to pray to the Lord who is known to be the remover of all obstacles from our...

Engineer’s Day: Marking the birth anniversary of M. Visvesvaraya

Every other home in India has an engineer, producing the largest percentage of engineers in the world. If engineering was a religion,...

Recent Comments