COVID-19: Income Tax Returns Date Extended

The last date to file Income Tax Return (ITR) for the financialyear 2018-19 has been extended. Finance Minister Nirmala Sitharaman in a pressconference has announced that the last date for filing tax returns has beenextended to June 30, 2020. The interest rate for delayed payment has also beenreduced from 12% to 9%.

The last date to file ITR for AY 2019-20 (financial year 2018-19) without fine was extended by the Central Board of Direct Taxes (CBDT) from July 31 to August 31, 2019. For those who had failed to file in time, the due date was March 31, 2020, which has now been extended to June 30, 2020. Failure to file by March 31, 2020, could have led to serious consequences for the taxpayers.

If one has missed ITR filing within the deadline, then as per the rules, one could have filed a Belated Return by March 31, 2020, the last date now stands at June 30, 2020. If tax is due, the interest rate on the due amount has been reduced now.