Extension of Due Date for Tax Audit and Furnishing of Income Tax Returns for FY 2019-2020 welcomed by many organisations
The Central Board of Direct Taxes has extended due dates of filing income tax returns till January 31, 2021 for taxpayers who have to get their accounts audited and those that are required to furnish reports of international or specified domestic transactions.
For these taxpayers, the due date for payment of self-assessment tax in cases where liability is below Rs 1 lakh has also been extended to January 31, 2021.
The date for furnishing Tax audit report and report in respect of international or specified domestic transactions has also been extended till 31st December, 2020.
For other taxpayers (in which cases an audit is not needed), the due date of filing income tax returns and payment of self-assessment tax has been extended till 31st December 31, 2020. In case of such small and middle-class taxpayers in the matter of payment of self-assessment tax, the due date for payment of self-assessment tax has also been extended to 31st December 31, 2020.
Narayan Jain, Tax Advocate and Chairman, DTPA Representation Committee has welcomed the timely decision of the CBDT and said that it was needed due to prevailing situation of corona pandemic. Narendra Goyal, President, Direct Taxes Professionals Association has also expressed happiness for accepting their Memorandum. R.D. Kakra, Vice President of All India Federation of Tax Practitioners and Chairman, Legal Relief Society has also welcomed the decision. AIFTP, DTPA, BCAS, ACAE and many organisations had sent memorandum to the Finance Minister for granting extension of the said dates.
The government had earlier extended the due dates for all income tax returns for the FY 2019-20 or assessment year 2020-21 to 30th November, 2020.