Filing Date For Income Tax Returns For FY20 Extended Till December 31

NEW DELHI || To provide more time to taxpayers for furnishing Income Tax Returns (ITR) pertaining to financial year 2019-20, the government of India has further extended the due date for furnishing of Income-Tax Returns.

The deadline for businesses to file annual Goods and Services Tax (GST) returns and reconciliation statements for the financial year 2018-19 has also been extended from October 31, 2020 to December 31, 2020. The government said it had received a number of pleas for the extension in view of the Covid-19 pandemic and lockdown, and the GST Council had also recommended that taxpayers be granted more time to comply.

For taxpayers who need to get their accounts audited or furnish reports on specific domestic or international transactions, the deadline is now January 31, 2021. For the rest, it has been extended to December 31, 2020 from the earlier limit of November 30.

“Further, in order to provide relief to small and middle class taxpayers…the due date for payment of self-assessment tax for the taxpayers whose self-assessment tax liability is up to ₹1 lakh had been extended to November 30, 2020,” the Central Board of Direct Taxes (CBDT) said in a statement on the weekend.

Adding that these deadlines have been extended again. The due date for payment of self-assessment tax for these taxpayers has now been extended to January 31, 2021 for those who need to furnish audited accounts or report specified transactions. For the rest, the deadline has been extended to to December 31, 2020.