Income tax extended deadline to file ITR till Jan 10

1. The government on Wednesday further extended the deadline to file income tax returns (ITRs) for the financial year 2019-20 (the assessment year 2020-21) for individual taxpayers by 10 days till January 10, 2021, in wake of the ongoing Covid-19 pandemic.

In a tweet, the I-T department said: “In view of the continued challenges faced by taxpayers in meeting statutory compliances due to outbreak of Covid-19, the government further extends the dates for various compliances.”

2. In addition, the deadline for filing ITR for the financial year 2019-20 by companies has also been extended by 15 days till February 15 from January 31.

3. The due date for filing an income tax return (ITR) by individuals and companies was December 31, 2020, and January 31, 2021, respectively. This is the third time that the I-T department has extended the return filing deadline. The Centre had in May extended the July 31 deadline till November 30, which was further extended till December 31 later.

4. The due date for filing declaration under the direct tax dispute resolution scheme Vivad Se Vishwas has been extended by a month till January 31. While, that for filing GST annual return for 2019-20 fiscal has been extended by 2 months till February 28, 2021.

“The extension of the deadline till January 10 is for filing ITR for 2019-20 fiscal year (2020-21 assessment year) and is for those individuals whose accounts are not required to be audited and who usually file their income tax return using ITR-1 or ITR-4 forms, as applicable,” the official circular said.

5. The deadline for other taxpayers whose accounts are required to be audited (including partners of a firm) and/or those who have to submit a report in respect to international financial transactions has been extended to February 15, 2021.

6. The date for filing tax audit report too has been extended to January 15. The date for payment of self-assessment tax for taxpayers whose tax liability is up to Rs 1 lakh has been extended to January 10 and February 15 for various categories of taxpayers.

7. The tax department had informed that over 4.54 crore ITRs for the current fiscal year were filed till December 28. In the comparable period last year, 4.77 crore income tax returns were filed.

Related posts

SC order: Excess of Income over Expenditure in the Hands of Company is Taxable

ITAT: Income from Holiday Homes taxable as ‘Other Income’

How to prepare for CA Final Direct Taxation?

Sweta Jhalani

Leave a Comment