Govt extends the due date for furnishing of Income Tax Returns till December 31

The Income Tax Department on October 24 extended the due date for furnishing of Income Tax Returns for the taxpayers. This has been done in view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19.

In order to provide more time to taxpayers for furnishing of Income Tax Returns, it has been decided to further extend the due date for furnishing of Income-Tax Returns as under:

(A) The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited by October 31, 2020, has been extended to January 31, 2021.

(B) The due date for furnishing of Income Tax Returns for the taxpayers who are required to furnish a report in respect of international/specified domestic transactions by November 30 has been extended to January 31, 2021.

(C) The due date for furnishing of Income Tax Returns for the other taxpayers has been extended from July 31, 2020, to December 31, 2020.

Consequently, the date for furnishing various audit reports under the Act including tax audit report and report in respect of international/specified domestic transaction has also been extended to December 31, 2020.

Further, in order to provide relief to small and middle-class taxpayers, the said notification dated June 24, 2020, had also extended the due date for payment of self-assessment tax for the taxpayers whose self-assessment tax liability is up to Rs. 1 lakh.

Accordingly, the due date for payment of self-assessment tax for the taxpayers who are not required to get their accounts audited was extended from July 31, 2020, to November 30, 2020 and for the auditable cases, this due date was extended from October 31, 2020, to November 30, 2020.