Income tax return filing deadline extended till 31 December1 min read . Updated: 24 Oct 2020, 04:34 PM IST
- For persons who are liable for tax audit or are required to furnish a report in respect of international or domestic transactions, the due date has been extended from 31st October to 31st January 2021
The deadline to file the income tax return (ITR) for the AY 2020-21 i.e. FY2019-20 has been extended to 31 December 2020 from 30 November, the finance ministry said Saturday. In addition, the government extended the due date for payment of income tax for those who have a tax liability of less than ₹1 lakh to 31st December, while for those with a higher tax liability, there is no such relief. The Interest on the belated returns will be applicable from 1 August 2020.
For taxpayers, who are liable for a tax audit or need to furnish a report regarding international or domestic transactions, the due date has been extended to 31 January 2021 from 31 October.
It may be recalled this is the second extension of the due date to file the ITR. In the wake of covid-19 pandemic, the government had in May extended this deadline from 31 July to 30 November.
“This is a good relief for professionals as well as tax payers. We were all struggling due to insufficient manpower and work from home atmosphere," said Prakash Hegde, a Bengaluru based Chartered Accountant. “However, the due date for filing GST Audit Report and Income Tax Audit report now collide on 31st December," he added pointing out the possible increase in compliance burden due to the common date.