Big Relief For Taxpayers: Govt Extends Deadlines For Filing Income Tax, GST Returns

The Centre on Wednesday (30 December) extended the deadlines for filing Income Tax and GST returns for assessment year 2020-21.

According to the Ministry of Finance's Revenue Department, the deadline for filing ITR by those taxpayers whose accounts are to be audited has been extended till 15 February 2021.

Besides, the deadline for filing ITR by other taxpayers has been extended till 10 January.

The timeline for tax audits has also been extended to 15 January 2021.

The previous deadline for filing of returns was 31 December.

India has been considerate and liberal to grant extensions for return filings owing to the pandemic, it said.

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 is hereby again being 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, said Ministry of Finance in a statement.

A tweet by the IT Department said: "In view of the continued challenges faced by taxpayers in meeting statutory compliances due to outbreak of Covid-19, the Govt further extends the dates for various compliances."

The deadline for filing tax returns have been extended a number of time this year amid the pandemic and demands have off late been raised for a further extension in a bid to provide relief to the common taxpayers and other businesses.

Aarti Raote, Partner, Deloitte, said: "The extension of the timeline will provide respite to the people who are struggling to collate necessary information and file their tax return."

"This provides additional time for tax payers to file their return within the extended due date and avoid the penalty attached with belated return."

(With inputs from IANS)