INDIA

Last Date For Filing Income Tax Return (ITR) Extended To January 10 In Big Relief For Taxpayers

Story Highlights

  • Declaration under 'Vivad Se Vishwas Scheme' has been extended to January 31, 2021 from December 31, 2020.
  • Other taxpayers, for whom the due date, was December 31, 2020, can now file their returns till January 10, 2021
  • The ITR deadline for taxpayers who are required to get their accounts audited is now February 15, 2021 from January 31, 2021 earlier

Mumbai: The Finance Ministry said in a statement that on Wednesday, the government has extended the deadline for extending the Income Tax Return (ITR) for individuals by 10 days to 10 January 2021. A deadline has also been set for businesses to file tax returns by 15 February.

This is the third time the government has extended the deadline for filing ITRs – the first normal deadline being 31 July to 30 November 2020 and then 31 December 2020.

In addition, the due date for filing the Declaration under the Confidence from the Direct Tax Dispute Resolution Scheme has been extended by one month till 31 January. Besides, the date for filing GST annual return for 2019-20 fiscal has been extended by two months till February 28, 2021.

The deadline extending to January 10 is for filing ITRs for the 2019-20 financial year (2020-21 assessment year) and is for individuals whose accounts are not required to be audited and which are usually ITR-1 Let’s file our income tax return. Or ITR-4 form, as applicable, stated in the statement.

The deadline has been extended to February 15, 2021, for other taxpayers whose accounts are audited (including partners of a firm) and/or who have to submit reports regarding international financial transactions.

In the midst of a link between the number of ITRs filed by individuals last year, the Finance Ministry said the extension was given at various deadlines in view of the continuing challenges faced by taxpayers in meeting statutory compliance due to the outbreak of COVIDs – 19.

For companies, this date was extended from 31 October to 30 November and then 31 January 2021. It has now been extended till 15 February.

More than 4.54 crore ITRs were filed till 28 December for the 2019-20 financial year (the assessment year 2020-21). In comparison period of last year, 4.77 crore income tax returns were filed.

More than 5.65 crore returns were filed by taxpayers close to the deadline for filing ITRs without payment of late fees for FY 2018-19 (the assessment year 2019-20).

The due date for submission of ITR for 2019-20 fiscal has also been extended to 15 February for taxpayers required to submit the report of international/specified domestic transactions. The date for filing the tax audit report has also been extended to 15 January.

The date of payment of self-assessment tax for taxpayers, whose tax liability is up to Rs 1 lakh, has been extended to January 10 and February 15 for various categories of taxpayers.

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