Have You Filed Your Income Tax Return Yet? Know All Important Dates

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Last date for filing ITR is now December 31, 2020

Have you filed your income tax return (ITR) for the financial year 2019-20? If not, you have until December 31 for doing it. Last month, the Income Tax Department yet again extended the due date for filing ITRs, in order to ease the tax-filing process for assessees in view of the coronavirus crisis. That means individuals now have until the end of this year to file their return of income earned between April 1, 2019 and March 31, 2020, instead of November 30. The last for filing ITRs for all assessees, whose accounts are not required to be audited, is usually July 31.

Income Tax Return (ITR) Filing: Important Dates at a Glance

  • The due dates have been extended in order to provide more time to taxpayers for furnishing of income tax returns, according to the Central Board of Direct Taxes (CBDT), the top policy-making body of the Income Tax Department.
  • The due date of furnishing ITRs for taxpayers whose accounts require to be audited has been extended to January 31, 2020
  • 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 been extended to January 31, 2021
  • 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 been extended to December 31, 2020
  • The Income Tax department also extended the deadline for small taxpayers, or those with a tax liability up to Rs 1 lakh based on self-assessment to January 31, 2021. In June, the due dates for payment of self-assessment taxes in cases of liabilities up to Rs 1 lakh were extended, to provide relief to small- and middle-class taxpayers. The due date of November 30 was fixed for the cases with or without audit.
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Disclaimer: This post has not been edited by our staff and is published from a syndicated feed. The Original Source of this post can be found at Source link

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