In relief to the taxpayers who have failed to file their tax returns due to COVID-19 crisis or otherwise, the Income tax Department has extended the deadlines for filing tax returns and furnishing audited reports.
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 January 31, 2021.
The returns furnishing date for the other taxpayers (for whom the due date i.e. before the extension by the said notification as per the Act was July 31, 2020) has been extended to December 31, 2020.
In view of constraints being faced by taxpayers due to COVID-19,CBDT further extends due dates for various compliances for FY 2019-20:The due dt of furnishing Income Tax Returns(ITRs)for taxpayers whose accounts require to be audited has been extended to 31st, January,2021 (1/5) pic.twitter.com/cWWbXu80K9
— Income Tax India (@IncomeTaxIndia) October 24, 2020
“The due date for furnishing returns for the taxpayers who are required to furnish report in respect of international/specified domestic transactions (for whom the due date i.e. before the extension by the said notification as per the Act is November, 30, 2020) has been extended to January 31, 2021”, said an official notification on Saturday.
“The due date for furnishing of Income Tax Returns for the other taxpayers
“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 31st January, 2021 for the taxpayers mentioned in para 3(A) and para 3(B) and to 31st December, 2020 for the taxpayers mentioned in para 3(C).”
CBDT said the revision is in order to provide relief for the second time to small and middle class taxpayers in the matter of payment of self-assessment tax, and the due date for payment of self-assessment tax date.
Earlier, the Department had extended the tax filing date to November 30.
First Published: Oct 24, 2020 4:28 PM IST
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