Income Tax Dept Extends Deadline Till Dec 31

Income Tax Dept Extends Deadline Till Dec 31

The Income Tax department on Saturday has extended the deadline for individual assesses to file their returns for the financial year 2019-2020 (the assessment year 2020-21) by a month. The deadline has been extended in relief to taxpayers on account of COVID-19. The taxpayers now have the time till December 31 to file their return of income earned between April 1, 2019, and March 31, 2020, instead of November 30.

According to a report of NDTV, the last date of assesses required to furnish audit reports on international or specified domestic transactions has also been extended to January 31 from November 30.

According to the Central Board of Direct Taxes (CBDT), the top policy-making body of the Income Tax Department, the due dates has been extended in order to "provide more time to taxpayers for furnishing of income tax returns".

The Income Tax Department acknowledged the "challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19". 

In May, the government had extended the date for filing income tax returns for financial year 2019-20 to November 30, from July 31. It had also moved the last date to furnish various audit reports – including tax audit report – to October 31, the report stated.

The Income Tax Department also extended the deadline for small taxpayers – – or those with a tax liability up to ₹ 1 lakh based on self-assessment – to January 31. 

In June, the taxman had also extended the due dates for payment of self-assessment taxes in cases of liabilities up to ₹ 1 lakh, in a bid to provide relief to small- and middle-class taxpayers. A due date of November 30 was fixed for cases with or without audit. 

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