Government extends ITR filing date

November 30, 2020 Finance Talk Valli Sarvani No comments

The government has provided many relief measures regarding the due dates amid the outbreak of COVID-19. Investment in various instruments for tax deduction purposes and furnishing income tax returns are some among the other. As per the earlier announcement of the government, the taxpayers have to submit their ITRs by November 30. However, the government has extended this date.

Now, taxpayers need not worry about their income tax return filing for the financial year 2019-20 as the government extended the deadline till December 31.

The government provided relief to small and middle-class taxpayers by extending the due date till November 30, 2020, earlier. Taxpayers who have a tax liability below ₹1 lakh as per self-assessment will fall under small and middle-class taxpayers. Now, the date has been extended.

To provide relief to taxpayers and auditors, the government earlier extended the filing of income tax returns (ITRs) to November 30 from July 31. Now, the date has been extended to December 31.

The government has also extended the deadline for taxpayers whose accounts need to be audited, till January 31, 2021. The due date for taxpayers who need to furnish their report related to the international or specified transactions has also been extended till January 31.

The Central Board of Direct Taxes (CBDT) said that the deadline has been extended to provide additional time to taxpayers to file their income tax returns without any trouble.

Similarly, the due date for filing annual Goods and Services Tax returns and reconciliation for FY 2018-19 also has been extended to December 31, 2020.

Many chartered accountants and others requested the government to extend the deadline for ITR filing. Considering their pleas and recommendations from the GST Council on the extension of the due date, the government extended the time.

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