The Income Tax Department has on multiple occasions extended the due date this year.
With the onset of the last month of the year, you have only few days to file your income tax return (ITR). For filing an ITR for financial year 2019-20 — or assessment year 2020-21 — the last date to do so without bearing a penalty is December 31. The Income Tax Department has on multiple occasions extended the due date for income tax assessees to file their income tax returns, in order to ease the tax-filing process due to the coronavirus crisis. Simply put, individual taxpayers now have until the end of this month to file their return of income, earned between April 1, 2019 and March 31, 2020. Normally, the due date for filing ITRs for all assessees whose accounts are not required to be audited is July 31.
In view of constraints being faced by taxpayers due to COVID-19,CBDT further extends due dates for various compliances for FY 2019-20:
The due dt of furnishing Income Tax Returns(ITRs)for taxpayers whose accounts require to be audited has been extended to 31st, January,2021 (1/5) pic.twitter.com/cWWbXu80K9— Income Tax India (@IncomeTaxIndia) October 24, 2020
Here are few important dates for you to remember to comply with income tax return (ITR) norms:
The due date of furnishing ITRs for taxpayers whose accounts require to be audited has been extended to January 31, 2020.
The due date for furnishing various audit reports under the Act, including tax audit report and report in respect of international/specified domestic transaction, has been extended to January 31, 2021.
The date for furnishing various audit reports under the Act, including tax audit report and report in respect of international/specified domestic transaction, has been extended to December 31, 2020
The due date for small taxpayers, or income tax assessees with tax liability up to Rs 1 lakh, is January 31, 2021.