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Deadline for I-T returns by individual taxpayers extended till Dec 31

The deadline for individuals to file income tax returns for 2019-20 has been extended by a month till December 31

twitter-logoBusinessToday.In | October 24, 2020 | Updated 15:50 IST
Deadline for I-T returns by individual taxpayers extended till Dec 31
Income tax returns date deadline extended

In a major relief for taxpayers, the deadline for individuals to file income tax returns for 2019-20 has been extended by a month till December 31. The Central Board of Direct Taxes (CBDT) said in a statement: "The due date for furnishing of Income Tax Returns for the taxpayers (for whom the due date (i.e. before the extension by the said notification) as per the Act was July 31, 2020) has been extended to December 31, 2020."

According to the CBDT, the dates have been extended to "provide more time to taxpayers for furnishing of income tax returns".

This comes after the government had already extended the deadline till November 30.

For taxpayers whose accounts need to be audited, ITR filing deadline has been extended by two months till January 31, 2021. "The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited [for whom the due date (i.e. before the extension by the said notification) as per the Act is 31st October, 2020] has been extended to 31 January, 2021," said the finance ministry.

For taxpayers who are required to "furnish reports in respect of international/specified domestic transactions" has been extended to January 31, the statement said.

The ministry further added that the date to furnish various audit reports under the act including tax audit report and report in respect of international or specified domestic transactions has also been extended to December 31.

Self-assessment tax for taxpayers whose self-assessment tax liability is up to Rs 1 lakh has been extended to January 31.

Also read: ITR 2020-21: Made high value expenses? No exemption from tax filing

Also read: Income Tax: How to avoid common mistakes while filing returns

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