In a major relief to taxpayers, the Government on Saturday (24 October) announced extension of the due date for filing income tax returns for the assessment year 2020-21 by another month to 31 December 2020.
The earlier extension allowed such filing by general taxpayers by 30 November.
Along with general category of taxpayers, the government also extended the date of filing returns by taxpayers (including their partners) who are required to get their accounts audited and those who are required to furnish report in respect of international/specified domestic transactions by two months to 31 January 2020.
The further extension for filing tax returns has been given in view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of Covid-19, finance ministry said in a statement.
In order to extend relief of delayed tax filing to small and middle class taxpayers who are liable for payment of self assessment tax, tax returns by such category of taxpayers can also now be filed upto 31 January 2021.
This extension will be available to taxpayers whose self-assessment tax liability is up to Rs 1 lakh.
The government had brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 ('the Ordinance') on 31st March, 2020 which, inter alia, extended various time limits. The Ordinance has since been replaced by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act.
The Government issued a Notification on 24 June, 2020 under the Ordinance which, inter alia, extended the due date for all Income Tax Returns for the FY 2019-20 (AY 2020-21) to 30 November, 2020. Fresh notification will now be issued by Income In AC department for further extensions.
(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)
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