All Important Dates Related to Income Tax Returns
The usual date for filing ITR for the financial year of 2019-20 would have been July 31, 2020. However, the government has taken note of and given some major concessions when it comes to filing your ITR due to the worldwide pandemic.
The coronavirus pandemic has brought to a halt a lot of things with a nationwide lockdown affecting most businesses and individuals. The dates to file Income Tax Returns have also been extended to ease the burden on people. The usual date for filing ITR for the financial year of 2019-20 would have been July 31, 2020. However, the government has taken note of and given some major concessions when it comes to filing your ITR due to the worldwide pandemic.
Individuals can now file their ITR by December 31, 2020. This is an extension after the due date was already pushed back from July 31 to November 30. The ITR will still be assessed for the period between April 1, 2019, and March 31, 2020.
The other important dates relating to Income Tax are the following:
-- A fresh due date has also been issued for filing ITRs for taxpayers whose accounts require to be audited and it has been extended to January 31, 2021.
-- The due dates have been extended to help taxpayers get more time to file their income tax returns with the permission of the Central Board of Direct Taxes (CBDT).
-- Businesses and individuals will also get more time for various audit reports under the Act, including tax audit reports and reports in respect of international/specified domestic transactions. The new date for filing these will be January 31, 2021.
-- The new date for filing various audit reports under the Act has also been extended to December 31, 2020.
--The I-T department also extended the deadline for small taxpayers, or those with a tax liability up to Rs 1 lakh, based on self-assessment to January 31, 2021.
-- In June, the filing dates for payment of self-assessment taxes in cases of liabilities up to Rs 1 lakh were extended, to provide relief to small- and middle-class taxpayers. The due date of November 30 was fixed for the cases with or without audit.
-- The change in dates was brought about by an ordinance brought by the government called the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 on March 31, 2020, which has now been replaced by Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act.