Speed Post News Network
New Delhi :The due date for furnishing of Income Tax Returns for the Assessment Year 2020-21 for the taxpayers [for whom the due date, as per the provisions of section 139(1) of the Income-tax Act, 1961, was July 31, 2020 and which was extended to November 30, 2020 and then to December 31, 2020] has been further extended to January 10, 2021.
The date for furnishing of various audit reports including tax audit report and report in respect of international/specified domestic transaction for the Assessment Year 2020-21 has been further extended to January 15, 2021.
The last date for making a declaration under Vivad Se Vishwas Scheme has been extended to 31st January 31, 2021 from December 31, 2020.
The due date for furnishing of Income Tax Returns for the Assessment Year 2020-21 for the taxpayers (including their partners) who are required to get their accounts audited and companies [for whom the due date, as per the provisions of section 139(1) of the Income-tax Act,1961, was October 31, 2020,, and which was extended to November 30, 2020 and then to January 31, 2021] has been further extended to February 15, 2021.
The due date for furnishing of Income Tax Returns for the Assessment Year 2020-21 for the taxpayers who are required to furnish report in respect of international/specified domestic transactions [for whom the due date, as per the provisions of section 139(1) of the Income-tax Act,1961, was November 30, 2020, and which was extended to January 31, 2021] has been further extended to February 15, 2021.
In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government had brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (‘the Ordinance’) on March 31, 2020, which, inter alia, extended various time limits. The Ordinance has since been replaced by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act.
The Government issued a Notification on June 24, 2020, under the Ordinance which, inter alia, extended the due date for all Income Tax Returns for the FY 2019-20 (AY 2020-21) to November 30, 2020. Hence, the returns of income which were required to be filed by July 31, 2020, and October 31, 2020, were required to be filed by November 30, 2020. Consequently, the date for furnishing various audit reports including tax audit report under the Income-tax Act, 1961 (the Act) was also extended to October 31, 2020. In order to provide more time to taxpayers for furnishing of Income Tax Returns, the due date was further extended vide notification dated October 29, 2020, according to a PIB release..
Further, in order to provide relief for the third time to small and middle class taxpayers in the matter of payment of self-assessment tax, the due date for payment of self-assessment tax date has again been extended. Accordingly, the due date for payment of self-assessment tax for taxpayers whose self-assessment tax liability is up to Rs 1 lakh has been extended to February 15, 2021.
The Government has also extended the due date of furnishing of annual return under section 44 of the Central Goods and Services Tax Act, 2017 for the financial year 2019-20 from December 31, 2020 to February 28, 2021.
The necessary notifications in this regard shall be issued in due course.