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Big relief for taxpayers due to COVID-19, Finance Ministry extended last date for filing ITR

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new Delhi. According to the Union Finance Ministry, the deadline for filing income tax returns by individuals has been extended till January 10. According to a statement issued by the Ministry of Finance, “Government Taxation and Other Laws (Exemption of Certain Provisions) Ordinance, 2020 (Ordinance) in view of challenges faced by taxpayers in meeting statutory and regulatory compliance due to outbreak of COVID-19” ‘) Lai, which inter alia extended various deadlines. The ordinance has since been replaced by the Taxation and Other Laws (Amendment of Rest and Certain Provisions) Act.

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According to the statement, “The due date for submission of income tax returns for the assessment year 2020-21 for other taxpayers (for whom the due date was 31 July 2020 as per the provisions of section 139 (1) of the Income Tax Act, 1961 and November 30 Extended to 2020 and then to 31 December 2020) has been further extended to 10 January 2021. “

The government issued a notification on 24 June 2020 under the ordinance, which, inter alia, extended the due date of all income tax returns to 30 November 2020 for FY 2019-20 (assessment year 2020-21). That is, the income to be filed by 31 July 2020 and 31 October 2020 was required to be filed by 30 November 2020. As a result, the date of submission of various audit reports (Act) including the tax audit report under the Income Tax Act 1961 was also extended to 31 October 2020.

In addition to providing more time for taxpayers to follow the various ongoing proceedings, the dates for completion of proceedings under various direct taxes and benami acts have also been extended. The extension has been extended to February 15, 2021, the deadline for taxpayers to submit income tax returns for the assessment year 2020-21 (including their partners) and companies that are required to audit their accounts. .

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For such taxpayers, the due date for submission of income tax return for the assessment year 2020-21, which is required to submit the report in respect of international / specified domestic transactions, has been extended to 15 February 2021. The date of submission of various audit reports under the Act, including tax audit reports and reports regarding international / specified domestic transactions for the assessment year 2020-21, has been extended to January 15, 2021. The last date for making the declaration under the Confidence by Confidence Scheme has been extended to 31 January 2021. The date of passing the order under the dispute-by-trust scheme has been extended to January 31, 2021.

The date of passing orders or issuing notices under the Direct Taxes and Benami Act by the authorities has also been extended to 31 March 2021. Further, to give relief to third and small and middle class taxpayers in the case of payment of self-assessment tax, the due date for payment of self-assessment tax date is being extended again to 15 February 2021.

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