The Central Board of Direct Taxes has notified extension of dates for filing income tax returns till January 31, 2021 for auditable accounts and transfer pricing cases and till December 31, for other cases.
For taxpayers who have to get their accounts audited and those that are required to furnish reports of international or specified domestic transactions, the last date will be January 31, 2021. The earlier deadline was October 31.
For others, the due date of filing income tax returns and payment of self-assessment tax has been extended by one month till December 31. The earlier date for filing returns was July 31, which was extended till November 30.
The due date for payment of self-assessment tax in case where the liability is below Rs 1 lakh has also been extended by two months to January 31, 2021.
"The compliance for the assessment year commencing on the 1st day of April, 2020, relates to furnishing of return under section 139 thereof, the time-limit for furnishing of such return, shall in respect of the assessees referred to in clauses (a) and (aa) of Explanation 2 to sub-section (1) of the said section 139, stand extended to the 31st day of January, 2021; and in respect of other assessees, stand extended to the 31st day of December, 2020," the CBDT said in a notification.
Tax audit report and report in respect of international or specified domestic transactions has also been extended by two months till December 31, the notification added.
The relaxation was announced last week in order to provide more time to taxpayers for furnishing of income tax returns amid the pandemicExperts said the extension would provide much-wanted headroom for taxpayers wanting to complete their compliance requirements but facing issues due to the pandemic.
|
