IT filing due date extended to December 31

The government have extended the dates for filing income tax returns and tax audit reports for FY20 for various classes of taxpayers. The last date for filing the Income Tax is December 31.

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 Income Tax Department acknowledged the "challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19". 

Earlier in May, the government had extended the date for filing income tax returns for the financial year 2019-20 to November 30, from July 31.

The government also, on advice from the Goods and Services Tax (GST) Council, extended the due date for filing the annual return for FY19 from 31 October to 31 December, the finance ministry said.

For filing income tax returns for FY20, individuals who are not required to conduct a tax audit report will now get time till 31 December. The original due date of 31 July was earlier extended to 30 November.

Taxpayers who are required to file their tax audit reports—professionals with gross receipts more than ₹50 lakh and those running businesses with sales up to ₹1 crore—have also got extra time. They can now file their tax returns by 31 January. The earlier deadline, after one extension, was 30 November.

Assessees who enter into international transactions or specified domestic transactions and are required to file tax audit reports have also been given extra time to file their FY20 tax returns. As per Saturday’s announcement, they can file their tax returns for FY20 by end of January.

“Consequently, the date for furnishing of various audit reports under the Income-tax Act including tax audit report and report in respect of international or specified domestic transaction has also been extended to 31 December 2020," said the finance ministry statement.

The ministry also gave extra time for small taxpayers to pay their self- assessment tax. This facility is available only to those with self-assessment tax liability up to ₹1 lakh. Accordingly, those who are liable to get a tax audit done can pay self-assessment tax by end of January and others can pay by end of December. The finance ministry said it will notify these changes.

The government also said it has been receiving requests for more time to file GST annual return and the reconciliation statement for FY19. Accordingly, the due date for the same has been extended from 31 October to 31 December, said the ministry.

Filing annual return (form GSTR-9/GSTR-9A) for FY19 is optional for taxpayers who had sales below ₹2 crores. Filing of reconciliation statement in form 9C is optional for the taxpayers with sales up to ₹5 crores, said the ministry.