Income Tax Returns and Audit Reports Submission Date Extended: Check Details

In order to address the grievances being faced by taxpayers due to the COVID-19 pandemic, the Central Board of Direct Taxes has further extended the due dates for various compliances for FY 2019-20. The Government of India had issued a notification on 24 June 2020 which had extended the due date for all Income Tax Returns for the FY 2019-20 (AY 2020-21) to 30 November 2020.

Hence, the returns of income which were required to be filed by 31 July 2020 and 31 October 2020 were required to be filed by 30 November 2020. Consequently, the date for furnishing various audit reports including tax audit reports under the Income-tax Act, 1961 (the Act) had also been extended to 31 October 2020.

With the new order, more time has been given to taxpayers for furnishing of Income Tax Returns, and the last date for furnishing of Income-Tax Returns has been extended further for the following stakeholders:

• The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited, and for whom the due date was 30 October 2020 has been extended to 31 January 2021.
• The due date for furnishing of Income Tax Returns for the taxpayers who are required to furnish reports in respect of international or specified domestic transactions for whom the due date was 30 November 2020 can now furnish the same before 31 January 2021.
• The due date for furnishing of Income Tax Returns for the other taxpayers for whom the due date was 31 July 2020 can now file their returns before 31 December 2020.

Also, providing further relief to small and middle-class taxpayers in the matter of payment of self-assessment tax, the due dates for payment of self-assessment tax have again been extended. 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 31 January 2021.