The government has extended various tax compliance deadlines, including Income Tax Returns, tax audit reports and declaration under 'Vivad Se Vishwas Scheme, in view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19 pandemic.
The last date for filing income tax return (ITR) for FY 2019-20 has been extended to January 10, 2021, from the earlier deadline of December 31, 2020. In addition, the deadline for furnishing the annual returns under Central Goods and Services Tax Act, 2017 for the financial year 2019-20 has been extended by two months to February 28, 2021.
"Considering the problems being faced by the taxpayers, it has been decided to provide further time to the taxpayers for furnishing of Income Tax Returns, tax audit reports and declaration under Vivad Se Vishwas Scheme. Further, in order to provide more time to taxpayers to comply under various ongoing proceedings, the dates of completion of proceedings under various Direct Taxes and Benami Acts have also been extended," Ministry of Finance said on Wednesday.
Here are the details on the extension of various tax compliance deadlines.
Further, in order to provide relief for the third 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 has again been 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 15 February, 2021.
The government has also extended the due date of furnishing of annual return under section 44 of the Central Goods and Services Tax Act, 2017 for the financial year 2019-20 from 31 December, 2020 to 28 February, 2021.
By Chitranjan Kumar
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