The Covid-19 pandemic has brought a lot of changes with it and has put a stop to a ton of things with cross-country lock-down influencing most organizations and people. The dates for filing Income Tax Returns have likewise been stretched out to bear down on individuals. The standard date for filing the ITR for the fiscal year of 2019-20 would have been July 31, 2020. Nonetheless, the Indian government has observed and given some significant concessions with regards to the filing of your ITR because of the overall pandemic situation.
People would now be able to file their ITR by December 31, 2020. This is an augmentation after the due date was at that point pushed back from July 31 to November 30. The ITR will at present be surveyed for the period between 1st of April, 2019 and 31st of March, 2020.
Other details and dates to be kept in mind with regards to Income Tax are:
- A new due date has additionally been given for filing the ITRs for citizens whose accounts need to be evaluated and audited and it has been drawn-out to January 31, 2021.
- The due dates have been stretched out to assist tax paying citizens with getting more opportunity to document and file their annual income tax returns with the authorization of the Central Board of Direct Taxes (CBDT).
- Companies and people will likewise get more opportunity for different audit reports under the Act, that includes the tax audit report and international or specified domestic transaction report. The new date for recording these will be January 31, 2021.
- The new date for filing and documenting different audit and review reports under the Act has likewise been stretched out to December 31, 2020.
- The IT office department likewise expanded the cutoff time for small taxpayers, or those with a tax liability amount of up to Rs 1 lakh, in light of self-assessment to January 31, 2021.
- In June, the dates for filing of payment of self-evaluation taxes in instances of liabilities up to Rs 1 lakh were stretched out, to give help to the small and working class tax payers. The due date of November 30 was fixed for the cases with or without audit review.
- The adjustment in dates was achieved by a law or ordinance brought by the Indian government called the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 on March 31, 2020 which has now been supplanted by Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act.
