Income Tax Return extends new deadline to file ITR for 2019-20, know new date

Finance Ministry has notified the extended due date for filing Income Tax Return (ITR) for the 2019-20 financial year. The deadline for filing ITRs by individual taxpayers has been extended to December 31 for a month, in addition to such taxpayers whose accounts are to be audited, they are getting time till January 31, 2021. The mean date has been extended to 31 January 2021.

Nangia Anderson LLP partner Sandeep Jhunjhunwala said that although the government had announced the extension of ITR and audit report filing dates last week, there was an ambiguity.

Also Read: Income Tax Return: If you are filing returns, avoid these mistakes or else you will get notice

Jhunjhunwala said that everything has become clear with today’s notification. As a result, all Indian and foreign companies that are not liable for tax audits or do not maintain transfer pricing documents, can now file ITRs by January 31, 2021, while the person who is not liable for the tax audit will be able to file on December 31. By 2020, we will file our tax return.

The government had earlier in May extended the ITR filing date from 31 July to 30 November, giving relief to taxpayers due to the COVID-19 epidemic. The CBDT then stated in its order that this decision has been taken in view of the difficulties faced by taxpayers due to Corona virus crisis.

If a taxpayer does not pay income tax on time, then he can be fined up to 10 thousand. In such a situation, taxpayers should avoid filing a belated return. If a taxpayer delays in filing the return, then he will have to pay a penalty as per 1% simple interest every month.

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