Last date for filing Income Tax returns extended to Jan 10, 2021

The Union government extended the last date for filing Income Tax returns for 2019-2020 by 10 days to January 10, a highly demanded move. For the year ending March 31, 2020, the deadline was pushed from July 31 to December 31 due to the COVID-19 pandemic. This comes as many people were also reportedly struggling to access the website to file their returns. This extension applies to those people who do not have to get their accounts audited.

The due date for furnishing Income Tax returns for the assessment year 2020-21 for taxpayers who have to get their accounts audited and for companies, has been extended to February 15, 2021.

For the assessment 2020-21, furnishing of Income Tax Returns for the Assessment Year 2020-21 for the taxpayers who are required to furnish reports in respect of international/specified domestic transactions has also been extended to February 15, 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 for the Assessment Year 2020-21 has been further extended to 15th January, 2021,” the Ministry of Finance said.

For declarations under the Vivad Se Vishwas scheme, the deadline has been extended to January 31, 2021.

“Further, in order to provide relief for the third time to small and middle class taxpayers in the matter of payment of self-assessment tax, the due date for payment of self-assessment tax date is hereby again being extended. Accordingly, the due date for payment of self-assessment tax for taxpayers whose self-assessment tax liability is up to Rs. 1 lakh has been extended to 15" February, 2021 for the taxpayers mentioned in para 4(a) and para 4(b) and to 10 January, 2021 for the taxpayers mentioned in para 4(c),” the Ministry of Finance said.

Furthermore, the due date for furnishing of GST returns for FY20 has been extended to February 28, 2021.