ITR filing last date for FY 2019-20 extended to January 2021
Good news for those who have not yet filed income tax returns for the financial year 2019-20 (assessment year 2020-21). The government has again extended the deadline for filing income tax returns on Wednesday. The Finance Ministry said that in view of the challenges faced by the taxpayers in fulfilling their statutory compliance due to Corona virus pandemic, the government has put forward the last date of various compliance.
In this way, the last date for filing Income Tax Return (ITR) for the financial year 2019-20 has now become 10 January 2021. It was earlier on December 31, 2020.
The government has extended the last date for submission of annual return for the financial year 2019-20 till February 28 under the Central GST Act, 2017. The Income Tax Department has given this information.
In view of the continued challenges faced by taxpayers in meeting statutory compliances due to COVID-19, the Govt further extends the dates for various compliances: Finance Ministry pic.twitter.com/ITlkYNonRm
— ANI (@ANI) December 30, 2020
For those taxpayers whose accounts need to be audited, the deadline for filing income tax returns for assessment year 2020-21 has been extended to February 15, 2021.
The last date of declaration has also been extended from 31 December 2020 to 31 January 2021 under the dispute-to-trust scheme.
CBDT issued refund of more than 1.5 lakh crores
The Central Board of Direct Taxes (CBDT) has so far issued refunds of more than Rs 1.56 lakh crore in the current financial year. According to the official statement, between April 1 and December 27, over 1.33 crore taxpayers have received refunds. The Income Tax Department informed in a tweet that so far refunds worth Rs 50,554 crore have been issued to 1.31 crore individual taxpayers.
At the same time, a refund of 1.06 lakh crore has been given in 2.03 lakh cases of corporate tax. The Income Tax Department also informed about the returns filed so far for the financial year 2019-20 (assessment year 2020-21). According to the department, a total of 4.54 crore returns were filed till 29 December. Earlier, December 31 was the last date for filing a non-penalty return for the financial year 2019-2020. Last year it was 31 August. A total of 5.65 people had filed returns till the last date.
The Government issued a Notification on 24th 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 30th November, 2020. Hence, the returns of income which were required to be filed by 31st July, 2020 and 31st October, 2020 were required to be filed by 30th November, 2020. Consequently, the date for furnishing various audit reports including tax audit report under the Income-tax Act, 1961 (the Act) was also extended to 31st October, 2020.
In order to provide more time to taxpayers for furnishing of Income Tax Returns, the due date was further extended vide notification No 88/2020/F. No. 370142/35/2020-TPL dated 29th October, 2020:
(A) The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited [for whom the due date (i.e. before the said extension) as per the Act was 31st October, 2020] was extended to 31st January, 2021.
(B) The due date for furnishing of Income Tax Returns for the taxpayers who are required to furnish report in respect of international/specified domestic transactions [for whom the due date (i.e. before the said extension) as per the Act was 30th November, 2020] was extended to 31st January, 2021.
(C) The due date for furnishing of Income Tax Returns for the other taxpayers [for whom the due date (i.e. before the said extension) as per the Act was 31st July, 2020] was extended to 31st December, 2020.
(D) Consequently, the date for furnishing of various audit reports under the Act including tax audit report and report in respect of international/specified domestic transaction was also extended to 31st December, 2020.
Considering the problems being faced by the taxpayers, it has been decided to provide further time to the taxpayers for furnishing of Income Tax Returns, tax audit reports and declaration under Vivad Se Vishwas Scheme. Further, in order to provide more time to taxpayers to comply under various ongoing proceedings, the dates of completion of proceedings under various Direct Taxes &Benami Acts have also been extended. These extensions are as under:
a. The due date for furnishing of Income Tax Returns for the Assessment Year 2020-21 for the taxpayers (including their partners) who are required to get their accounts audited and companies [for whom the due date, as per the provisions of section 139(1) of the Income-tax Act,1961, was 31st October, 2020 and which was extended to 30th November, 2020 and then to 31st January, 2021] has been further extended to 15th February, 2021.
b. The due date for furnishing of Income Tax Returns for the Assessment Year 2020-21 for the taxpayers who are required to furnish report in respect of international/specified domestic transactions [for whom the due date, as per the provisions of section 139(1) of the Income-tax Act,1961, was 30th November, 2020 and which was extended to 31st January, 2021] has been further extended to 15th February, 2021.
c. The due date for furnishing of Income Tax Returns for the Assessment Year 2020-21 for the other taxpayers [for whom the due date, as per the provisions of section 139(1) of the Income-tax Act, 1961, was 31st July, 2020 and which was extended to 30th November, 2020 and then to 31st December, 2020] has been further extended to 10th January, 2021.
d. The date for furnishing of various audit reports under the Act including tax audit report and report in respect of international/specified domestic transaction for the Assessment Year 2020-21 has been further extended to 15th January, 2021.
e. The last date for making a declaration under Vivad Se Vishwas Scheme has been extended to 31st January, 2021 from 31st December, 2020.
f. The date for passing of orders under Vivad Se Vishwas Scheme, which are required to be passed by 30th January, 2021 has been extended to 31st January, 2021.
g. The date for passing of order or issuance of notice by the authorities under the Direct Taxes &Benami Acts which are required to be passed/ issued/ made by 30th March, 2021 has also been extended to 31st March, 2021.
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 15th February, 2021 for the taxpayers mentioned in para 4(a) and para 4(b) and to 10th January, 2021 for the taxpayers mentioned in para 4(c).
The Government has also extended the due date of furnishing of annual return under section 44 of the Central Goods and Services Tax Act, 2017 for the financial year 2019-20 from 31st December, 2020 to 28th February, 2021.
