New Delhi: The government has once again relieved the income tax payers. The government has again pushed forward the deadline for filing income tax returns. Now individual taxpayers will have time till 10 January 2021 to file income tax returns for the financial year 2019-20 (assessment year 2020-21). To give relief to small and middle class taxpayers, the deadline for payment of self assessment tax has also been pushed forward once again. The Finance Ministry issued a notification stating that in view of the circumstances arising out of Covid 19, the government has extended the deadline of various compliance.
For both taxpayers and their partners whose accounts are to be audited and companies (for which the last date for filing returns was 31 January 2021), the deadline for filing the ITR for the assessment year 2020-21 has been increased to 15 February. 2021 is being done. For taxpayers who have to submit a report in case of International / Specific Domestic Transactions (for which the latest due date for filing ITR is 31 January 2021), the ITR of assessment year 2020-21 has been extended to 15 February 2021. being done.
Taxpayers of both the mentioned categories, whose self assessment tax liability is up to Rs 1 lakh, will now have time till 15 February 2021 to pay self assessment tax.
The notification further stated that except for the mentioned taxpayers, all the other taxpayers, for whom the latest deadline for filing returns was 31 December 2020, now the deadline for filing of income tax returns for the assessment year 2020-21 once again has been increased to 10. January 2021 is being done. Taxpayers of this category, whose self assessment tax liability is up to Rs 1 lakh, will now have time till January 10, 2021 to pay self assessment tax.
It was further stated that under the Income Tax Act, the deadline for submission of various audit reports like tax audit report, report in case of international / specific domestic transactions etc. has been extended to 15 January 2021 for the assessment year 2020-21. Apart from this, the passing date of orders has also been increased to 31 January 2021 under the trust scheme.
The notification also states that the government has also extended the deadline for submission of annual return for the financial year 2019-20 to 28 February 2021 under section 44 of the Central Goods and Services Tax Act 2017. It was just 31 December 2020.