Extension of due date of furnishing of Income Tax Returns and Audit Reports

New Delhi, October 24, 2020: In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (‘the Ordinance’) on 31st March, 2020 which extended time limits.
At present, the returns of income are required to be filed by 30th November, 2020.
In order to provide more time to taxpayers for furnishing of Income Tax Returns, it has been decided to further extend the due date for furnishing of Income-Tax Returns as under:
(A) The due date for furnishing of Income Tax Returns for the taxpayers who are required to get their accounts auditedas per the Act has been extended to 31st January, 2021.
(B) The due date for furnishing of Income Tax Returns for the taxpayers who are required to furnish report in respect of international/specified domestic transactions has been extended to 31st January, 2021.
(C) The due date for furnishing of Income Tax Returns for the other taxpayers has been extended to 31st December, 2020.
Consequently, the date for furnishing of various audit reports under the Act including tax audit report and report in respect of international/specified domestic transaction has also been extended to 31st December, 2020.
To provide relief to small and middle class taxpayers, the due date for payment of self-assessment tax for the taxpayers whose self-assessment tax liability is up to Rs. 1 lakh has been extended to 31st January, 2021 for the taxpayers mentioned in para 3(A) and para 3(B) and to 31st December, 2020 for the taxpayers mentioned in para 3(C).
The necessary notification in this regard shall be issued in due course.

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