Centre extends last date for filing income-tax returns - to January 10 from December 31.

The government has also extended the due date of furnishing of annual return under section 44 of Central Goods and Service Tax Act, 2017 for FY 2019-20

For individual taxpayers who are required to get their accounts audited and companies, the due date for filing returns is now pushed to February 15, 2021. : Shutterstock

TT   |   Calcutta   |    31.12.20  : The Centre has extended the last date for the filing of income-tax returns by individual taxpayers to January 10 from December 31. 

The last date for entities and individuals who have to  submit audited accounts have been extended to February 15 from January 31.

The finance ministry announcement relates to filing returns for financial year 2019-20 or assessment year 2020-21. The move comes amid requests from various associations and netizens calling for an extension of the dates.

“Considering the problems faced by various taxpayers, it has been decided to provide further time to the taxpayers for furnishing income tax returns, tax audit reports and declaration under the Vivad Se Vishwas scheme,” the finance ministry said.. 

“Further, to provide more time to taxpayers to comply under various ongoing proceedings, the dates of completion of proceedings under various direct taxes and benami acts have also been extended,” the ministry said .

For individual taxpayers who are required to get their accounts audited and companies, the due date for filing returns is now pushed to February 15, 2021. Such returns were initially scheduled for submission by October 31, 2020. It was subsequently extended to November 30, 2020 and later to January 31, 2021.

For taxpayers who are required to furnish reports in respect of international/specified domestic transactions, the due date has been extended to February 15, 2021 against the January 31, 2021 deadline.

For all other individual taxpayers, the due date has been extended to January 10, 2021. Originally scheduled for July 31, 2020, the due date was extended twice — first to November 30, 2020 and then to December 31, 2020.

Audit reports

The finance ministry also extended the date of furnishing various audit reports, including tax audit reports and reports in respect of international/specified domestic transactions, for assessment year 2020-21 to January 15, 2021. The last date for making declaration under the Vivad Se Vishwas Scheme has also been extended to January 31, 2021 from December 31, 2020.

“The  extension may not be adequate. This should be reviewed and extended further,” said Narayan Jain, chairman, representation committee, Direct Taxes Professionals’ Association.

According to tax practitioners, the staff of advocates and chartered accounts dealing with audit and tax matters were unable to come to work frequently because of the pandemic. This made it difficult to complete compliance related work within the due date. 

“Although the government has given an extension, it may not be adequate. This should be reviewed and extended further,” said Narayan Jain, chairman, representation committee, Direct Taxes Professionals’ Association.

The ministry has also extended the due date for payment of self assessment tax for “small and middle class” taxpayers whose liability is up to Rs 1 lakh to February 15, 2021. For taxpayers who need not get their accounts audited, the self assessment tax due date is January 10, 2021.

The government has also extended the due date of furnishing of annual return under section 44 of Central Goods and Service Tax Act, 2017 for FY 2019-20 from December 31, 2020 to February 28, 2021.