CBDT extended the deadline for the filing of income tax returns (ITR) and Tax audit reports (TAR) to October 31, 2019 for the Assessment Year 2019-20.
The Central Board of Direct Taxes has extended the deadline for the filing of income tax returns and audit reports to October 31, 2019 for the Assessment Year 2019-20. The original due date was September 30, 2019.
The various institution and association had requested to the CBDT for the extension of time for filing Income tax Return and Tax audit report.
Further, various Tax accountants and small businesses across the country have been complaining that the tax forms are very onerous and that they would need more time to fill them. The tax authorities said they have extended the deadline keeping these concerns in mind.
Looking to the situation and the representation received from the various institution and association, the CBDT on Late night on 26th September,2019 given the information for extension of due date up to 31st October 2019 for filing income tax return and various audit report filing only for those assessee who are liable for audit as under :
“On consideration of representations received from across the country, CBDT has decided to extend the due date for filing of ITRs & Tax Audit Reports from 30th Sep,2019 to 31st of Oct,2019 in respect of persons whose accounts are required to be audited,”
However, after this tweet CBDT by notification no. F.NO.225/157/2019/ITA.II issued on 27th September,2019, clarify that the due date is extended to only those assesse which are covered under Clause (a) of Explanation 2 to section 139(1) of the income tax act 1961.
Following are the covered under Clause (a) of Explanation 2 to section 139(1).
(i) a company; or
(ii) a person (other than a company) whose accounts are required to be audited under this Act or under any other law for the time being in force; or
(iii) a working partner of a firm whose accounts are required to be audited under this Act or under any other law for the time being in force,
Now, after the notification for extension of due date for filing of return and submission of various reports for the Assessment Year 2019-20, the due date will be 31st day of October, 2019 but the above assesse is liable to pay interest U/s 234A (Interest @ 1 % per month or part of month on balance tax payable from 30th September to actual date of filing to return)