NEW DELHI: The government on Saturday extended the deadline to file income tax (I-T) returns by individual taxpayers till December 31 for the financial year 2019-20 (FY20) in the wake of ongoing Covid-19 crisis.
“The due date for furnishing of ITRs for the other (individual) taxpayers [for whom the due date (i.e. before the extension by the said notification) as per the Income Tax Act, 1961 was July 31, 2020] has been extended to December 31, 2020,” the ministry of finance said in a notification.
The Centre had in May extended the date for filing ITR for FY20 from July 31 to November 30.
It also stated that the “due date for furnishing of ITRs for the taxpayers (including their partners) who are required to get their accounts audited [for whom the due date (i.e. before the extension by the said notification) as per the Act is October 31, 2020] has been extended to January 31, 2021.”
The ministry added that the “due date for furnishing of ITRs 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.”
Consequently, the date for furnishing of various audit reports including tax audit report and report in respect of international or specified domestic transaction has also been extended to December 31, 2020, the notification further mentioned.
Also, in a relief to small and middle-class taxpayers in the matter of payment of self-assessment tax, the due dates for payment have been extended.
“The taxpayers, who have not yet paid their complete tax liability and are required to pay self assessment tax more than Rs 1 lakh, will need to be mindful and pay taxes within original due dates, to avoid charging of interest for filing of ITR beyond original due date.
Separately, the government also extended the due date for furnishing GST annual returns for FY19 (2018-19) by two months till December 31.
Furnishing of the GST annual return is mandatory only for taxpayers with aggregate annual turnover above Rs 2 crore while reconciliation statement is to be furnished only by the registered persons having aggregate turnover above Rs 5 crore.
It must be noted that filing of annual return (Form GSTR-9/ GSTR-9A) for 2018-19 is optional for taxpayers who had aggregate turnover below Rs 2 crore. The filing of reconciliation statement in Form 9C for FY19 is also optional for the taxpayers having aggregate turnover up to Rs 5 crore.
In Video:Deadline for filing ITR by individual taxpayers extended till December 31Source From : Times Of India