New Delhi | Jagran Business Desk: In a major relief for the taxpayers amid the coronavirus pandemic, the Income Tax Department on Saturday extended the deadline for the individual taxpayers to file their income tax for the financial year 2019-20 (the assessment year 2020-21) by a month.

Now the taxpayers can file their returns for the money earned between April 1, 2019, to March 31, 2020, by December 31. The Income Tax department also extended the December 31 deadline for individuals required to get their accounts audited and those who are required to furnish a report in respect of international/specified domestic transactions, till January 31, 2021.

"The further extension for filing tax returns has been given in view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of Covid-19", the finance ministry said in a statement.

In order to extend relief of delayed tax filing to small and middle-class taxpayers who are liable for payment of self-assessment tax, tax returns by such category of taxpayers can also now be filed up to January 31, 2021. This extension will be available to taxpayers whose self-assessment tax liability is up to Rs 1 lakh.

The government had brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 ('the Ordinance') on 31st March 2020 which, inter alia, extended various time limits. The Ordinance has since been replaced by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act.

The Government issued a Notification on 24th June 2020 under the Ordinance which, inter alia, extended the due date for all Income Tax Returns for the FY 2019-20 (AY 2020-21) to 30th November 2020. Fresh notification will now be issued by Income In AC department for further extensions.

Earlier in May, the Centre had extended the last date for filing income tax returns for FY 2019-20 from July 31 to November 31, in wake of the coronavirus pandemic.

 

(With Agency Inputs)

Posted By: Talib Khan