Due Date Extension under Income Tax, CGST, DTVSV Act and Benami Law
Due Date Extension under Income Tax, CGST, DTVSV Act and Benami Law
On account of constraints being faced by the taxpayers due to COVID-19, the Central Board of Direct Taxation (CBDT) further extends the due dates for filing income tax returns and tax audit reports for the financial year 2019- 2020. As per the Government’s press release issued on December 30, 2020, the income tax return (ITR) filing deadline for FY 2019-2020 (AY 202-2021) has been extended to February 15, 2021, from the earlier deadline of January 31, 2021. CBDT has further extended several due dates applicable under Vivad Se Vishwas Scheme, CGST and Benami Law. The Present article briefs the extensions so provide.
Synopsis of Notification
The Synopsis of Extension of the due date of furnishing of Income Tax Returns and Audit Reports is as follows:
- The due date for furnishing the Tax Audit Report by one & half months to February 15, 2021from 31st December 2020
- The due date for filing of Income tax returns (ITRs) for all the assesses having tax audit requirement from 31st January 2021 to 15th February 2021 for the Assessment Year 2020-2021
- For those having no tax audit requirement, the date is extended from 31st December 2020 to 10th January 2021
Due Date for Furnishing Income Tax Returns
To provide more time to taxpayers for furnishing of Income Tax Returns, The Government of India has decided the extend the due date for filing Income Tax return as under:
For Taxpayers Subject to Tax Audit
The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited has been extended to 15.02.2021 from the prescribed due date of 31.01.2021 under section 139(1) of Income Tax Act.
For taxpayers having international/ specified domestic transactions
The due date for furnishing of Income Tax Returns for the taxpayers who are required to furnish a report in respect of international/specified domestic transactions has been extended to 15th February 2021 from the prescribed due date of 31st January 2021under section 139(1) of Income Tax Act.
For taxpayers not subject to Tax Audit (Individuals, HUF, etc.)
The due date for furnishing of Income Tax Returns for taxpayers not subject to Tax Audit (Individuals, HUF, etc.) has been extended to 10th January, 2021from the prescribed due date of 30th November 2020 under section 139(1) of the Income Tax Act.
| Sl.No | Taxpayers | Due Date prescribed under Section 139(1) | Extended Due Date |
| 1 | For taxpayers subject to Tax Audit | ||
| Tax Audit Report | 30.09.2020 | 15.02.2021 | |
| ITR Forms | 31.10.2020 | 15.02.2021 | |
| 2 | For taxpayers Not subject to Tax Audit (Individuals, HUF, etc.) | 31.07.2020 | 10.01.2021 |
| 3 | For taxpayers having international/ specified domestic transactions | ||
| Tax Audit Report | 31.10.2020 | 15.02.2021 | |
| ITR Forms | 30.11.2020 | 15.02.2021 |
Extension of the due date of furnishing of Audit Reports
With this notification, the due date for furnishing of various audit reports under the Income Tax Act including tax audit report and report in respect of international/specified domestic transaction has also been extended to 15th January 2021.
Due date extension under Benami Law
- To facilitate the taxpayer in meeting the requirement of statutory and regulatory compliance during the current COVID-19 pandemic, the Ministry of Finance has further extended several due dates applicable under Benami Law
- The date for the passing of order or issuance of notice by the authorities under the Benami laws which are required to be passed by 30th March 2021 has also been extended to 31st March 2021.
Due date extension under Vivad Se Vishwas Scheme
- The last date for making a declaration under Vivad Se Vishwas Scheme has been extended to 31st January 2021 from 31st December 2020.
- The date for the passing of orders under Vivad Se Vishwas Scheme, which are required to be passed by 30th January 2021 has been extended to 31st January 2021.
- The date for the passing of order or issuance of notice by the authorities under the Direct Taxes which are required to be passed by 30th March 2021 has also been extended to 31st March 2021
Extension of Due date for furnishing annual return under CGST Act, 2017
The Government has also extended the due date of furnishing of annual return under section 44 of the Central Goods and Services Tax Act, 2017 for the financial year 2019- 2020 from 31st December 2020 to 28th February 2021 .
Due date Extension for Small and Middle-Class Taxpayers
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 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.
- The due date is extended to 15.02.20201 for taxpayers subject to Tax Audit is extended for taxpayers having international/ specified domestic transactions
- The due date is extended to 10.01.2021 for other taxpayers (Taxpayer not subject to Tax Audit)
Earlier Extension
Normally, the income tax return for non-tax audit assesses is due on the 31st of July. This assessment year (FY 2019-2020), the income tax due date was extended wide a Notification on 24th June 2020 under the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 which, inter alia, extended the due date for all Income Tax Returns for the financial year 2019-2020 (AY 2020-2021) to 30th November 2020 and further to 31st December 2020. Hence, the income tax returns which were required to be filed by 31st July 2020 and 31st October 2020 are required to be filed by 31st December 2020. Consequently, the date for furnishing various audit reports including tax audit reports under the Income-tax Act, 1961 has also been extended to 31st October 2020 and to December 2020.
The notification about the Extension of the Due Date for Furnishing Income Tax Returns and Audit Reports is as follows:
Press-release-Extension-of-time-limits_30-12-2020
