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CBDT Extend the due date for IT Returns and Audit Reports

CBDT Extend the due date for IT Returns and Audit Reports

  • The Government issued a Notification to extend the due date for all Income Tax Returns for the FY 2019-20 (FY 2020-21) to 30th November, 2020. Hence, the returns of income which were required to be filed by 31st July, 2020 and 31st October, 2020 are required to be filed by 30th November, 2020. Consequently, the date for furnishing various audit reports including tax audit report has also been extended to 31st October, 2020.
  • The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited has been extended to 31st January, 2021.
  • The due date for furnishing of Income Tax Returns for the taxpayers who are required to furnish report in respect of international/specified domestic transactions has been extended to 31st January, 2021.
  • The due date for furnishing of Income Tax Returns for the other taxpayers has been extended to 31st December, 2020.
  • Consequently, the date for furnishing of various audit reports under the Act including tax audit report and report in respect of international/specified domestic transaction has also been extended to 31st December, 2020.
  • Further, in order to provide relief to small and middle class taxpayers, the said notification dated 24th June, 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 31st July, 2020 to 30th November, 2020 and for the auditable cases, this due date was extended from 31st October, 2020 to 30th November, 2020.
  • In order to provide relief for the second time to small and middle class taxpayers in the matter of payment of self-assessment tax, the due date for payment of self-assessment tax date is hereby again being extended. Accordingly, the due date for payment of self-assessment tax for taxpayers whose self-assessment tax liability is up to Rs. 1 lakh has been extended to 31st January, 2021

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