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The finance ministry also extended the due date for filing GST returns for FY19 from 31 October to 31 December. Photo: iStock
The finance ministry also extended the due date for filing GST returns for FY19 from 31 October to 31 December. Photo: iStock

Centre extends deadline for filing I-T returns, audit reports

  • Individuals who do not need to conduct a tax audit now have till 31 December to file IT returns for FY20

The government on Saturday said the due dates for filing income-tax (IT) returns and tax audit reports for FY20 for various classes of taxpayers have been extended.

The Centre on advice from the Goods and Services Tax (GST) Council, also extended the due date for filing the annual GST return for FY19 from 31 October to 31 December, the finance ministry said.

Individuals who do not need to conduct a tax audit now have till 31 December to file IT returns for FY20. The original due date of 31 July was earlier extended to 30 November.

Those who need to file their tax audit reports, including professionals with gross receipts more than 50 lakh and those running businesses with sales of up to 1 crore, can now file their returns by 31 January. The earlier deadline, after one extension, was 30 November in this case also.

Assessees who enter into international transactions or specified domestic transactions and need to file tax audit reports, have been given time till the end of January to file their FY20 tax returns.

“The date for furnishing of various audit reports under the Income Tax Act, including tax audit report and report in respect of international or specified domestic transaction has been extended to 31 December," it said.

The ministry also gave more time for small taxpayers to pay self- assessment tax. This facility is available only to those with self assessment tax liability of up to 1 lakh. Accordingly, those who are liable to get tax audit done, can pay self assessment tax by the end of January, while others can pay by December-end. The ministry will notify the changes.

The government said it had received requests for more time to file GST annual returns and reconciliation statements for FY19. As such, the due date has now been extended from 31 October to 31 December.

Filing annual return (GSTR-9/GSTR-9A) for FY19 is optional for taxpayers who had sales of less than 2 crore. Filing of reconciliation statement in form 9C is optional for those with sales of up to 5 crore.

“Finally the demands of industry have been met and the government has given a suitable extension for annual compliance under GST laws, as well as income tax laws, because of disruptions caused by covid-19," said Rajat Mohan, senior partner at chartered accountants firm AMRG & Associates.

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