The pandemic has surely resulted in many things taking a back seat and a shift in Income Tax Returns filing date is no exception. Owing to the current financial trends, the dates to file income tax returns have been extended by the government to ease the burden of people.
To note, the usual date of filing ITR for the financial year of 2019-20 would have been July 31, 2020. However, the government, allowing some relief to taxpayers, has tweaked the same a couple of times now.
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As of now, individuals can file their ITR by December 31, 2020. This is an extension after the due date was already pushed back from July 31 to November 30. The ITR will still be assessed for the period between April 1, 2019 and March 31, 2020.
Other Important dates related to Income Tax.
A fresh due date for filing ITRs of taxpayers whose accounts required to be audited has been issued and it has been extended to January 31, 2020.
The due dates, as per the reports, have been extended with the permission of the Central Board of Direct Taxes (CBDT).
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Also, businesses and individuals will get more time when it comes to audit reports. These reports include tax audit reports, reports in respect of international/specified domestic transactions and more. The new date for filing these will be January 31, 2021.
The new date for filing various audit reports under the Act has also been extended to December 31, 2020.
Meanwhile, the I-T department has also extended the deadline for small taxpayers, or one with tax liabilities that exceed Rs 1 Lakh, based on self-assessment to January 31, 2020.
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Back in June, the filing date for the payment of self-assessment taxes in case of liabilities up to Rs 1 lakh, was extended to provide relief to small and middle-class taxpayers. The due date of November 30 was fixed for the cases with or without audit.
