To provide more time to taxpayers for furnishing Income Tax Returns (ITR) pertaining to the financial year 2019-20, the government has further extended the due date for furnishing of Income-Tax Returns.
The deadline for filing tax returns by individual taxpayers for the Fiscal Year 2019-2020 by a month, till December 31.
Additionally, the deadline for furnishing Income Tax Returns (ITRs) for taxpayers whose accounts are required to be audited has been extended till January 31, 2021.
To provide more time to taxpayers for furnishing Income Tax Returns (ITR) pertaining to the financial year 2019-20, the government has further extended the due date for furnishing of Income-Tax Returns.
The government had earlier in May extended various due dates for filing ITRs for FY 2019-20 from July 31 to November 30, to give compliance relief to taxpayers due to the COVID-19 pandemic.
Nangia and Co LLP Partner Shailesh Kumar said the much-awaited extension of due dates for filing tax audit report, transfer pricing certificate and ITRs has been finally announced by the government.
“The taxpayers, who have not yet paid their complete tax liability and are required to pay self-assessment tax more than Rs 1 lakh, will need to be mindful and pay taxes within original due dates, to avoid charging of interest for filing of ITR beyond the original due date.
“For taxpayers who don’t have a self-assessment tax liability to pay or such amount is up to Rs 100,000, this is an absolute extension without any additional burden,” Kumar added.