Extension Of Due Date For Furnishing Income Tax Returns And Audit Reports

Because 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 October 24, 2020, the income tax return (ITR) filing deadline for FY 2019-2020 has been extended to December 31, 2020, from the earlier deadline of November 30, 2020. The current article briefs the Extension of the due date of furnishing of Income Tax Returns and Audit Reports. Know more about the Income Tax (22nd Amendment) Rules 2020

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 two months to 31st December 2020 from 31st October 2020
The due date for filing of Income tax returns (ITRs) for all the assesses having tax audit requirement from 30th November to 31st January 2021 for the Assessment Year 2020-2021
For those having no tax audit requirement, the date is extended by one month from 30th November 2020 to 31st December 2020

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. 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 30th November 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.

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 30.01.2021 from the prescribed due date of 31.10.2020 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 31st January 2021 from the prescribed due date of 30th November 2020 under 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 31st December 2020 from the prescribed due date of 31st July 2020 under section 139(1) of the Income Tax Act. The final extended due dates for various categories of taxpayers for furnishing tax audit report and ITR forms for AY 2020-2021 is given below:

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	31.12.2020
	ITR Forms	31.10.2020	31.01.2021
2	For taxpayers Not subject to Tax Audit (Individuals, HUF, etc.)	31.07.2020	31.12.2020
3	For taxpayers having international/ specified domestic transactions
	Tax Audit Report	31.10.2020	31.12.2020
	ITR Forms	30.11.2020	31.01.2021

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 31st December 2020.

Due date Extension for Small and Middle-Class Taxpayers

To provide relief to small and middle-class taxpayers, the CBDT had also extended the due date for payment of self-assessment tax for the taxpayers whose self-assessment tax liability is up to Rs. 1 lakh vide a notification dated 24th June 2020. Accordingly, the due date for payment of self-assessment tax for the taxpayers who are not required to get their accounts audited was extended from 31.07.2020 to 30.11.2020 and for the auditable cases, this due date was extended from 31.10.2020 to 30.11.2020. To provide relief for the second 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 31.01.20201 for taxpayers subject to Tax Audit is extended for taxpayers having international/ specified domestic transactions
The due date is extended to 31.12.2020 for other taxpayers (Taxpayer not subject to Tax Audit)

The notification pertaining to the Extension of the Due Date for Furnishing Income Tax Returns and Audit Reports is as follows:

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Note: The CBDT also notified that the necessary notification regarding extension of the due date of furnishing of Income Tax Returns and Audit Reports will be issued in due course.

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Frequently Asked Questions

Common questions about Income Tax Return Due Date Extension 2020.

The extension of due dates for filing income tax returns and audit reports is provided by the Central Board of Direct Taxation (CBDT) to offer relief to taxpayers who have been facing constraints due to the COVID-19 situation. This extension aims to provide more time for taxpayers to comply with their tax filing obligations.

For taxpayers subject to tax audit, the due date for filing ITRs has been extended from October 31, 2020, to January 31, 2021. For taxpayers having international/specified domestic transactions, the due date for filing ITRs has been extended from November 30, 2020, to January 31, 2021. For taxpayers not subject to tax audit (individuals, HUF, etc.), the due date for filing ITRs has been extended from July 31, 2020, to December 31, 2020.

The due date for furnishing tax audit reports has been extended to December 31, 2020, from the earlier due date of October 31, 2020. This extension applies to all taxpayers who are required to get their accounts audited.

Yes, the due date for payment of self-assessment tax has also been extended. For taxpayers whose self-assessment tax liability is up to Rs. 1 lakh, the due date has been extended to January 31, 2021, for taxpayers subject to tax audit or having international/specified domestic transactions, and to December 31, 2020, for other taxpayers.

The need for extending the due dates for filing income tax returns and audit reports arose due to the constraints faced by taxpayers due to the COVID-19 pandemic situation. The extension aims to provide relief and more time for taxpayers to comply with their tax obligations during these challenging times.

No, this is not the first time the due dates have been extended for the financial year 2019-2020. Earlier, the due dates were extended through a notification dated June 24, 2020, under the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020.

The extension of due dates applies to different categories of taxpayers based on their tax audit requirements and whether they have international/specified domestic transactions. The article provides the specific extended due dates for each category of taxpayers.

The CBDT has stated that the necessary notification regarding the extension of the due date for furnishing income tax returns and audit reports will be issued in due course. The article itself serves as a press release announcing the decision to extend the due dates.

No, taxpayers do not need to take any specific action to avail of the extended due dates. The extension is applicable to all eligible taxpayers falling under the respective categories mentioned in the article. They can file their income tax returns and audit reports by the extended due dates.

Yes, the extension of due dates for furnishing income tax returns and audit reports mentioned in the article is specifically for the financial year 2019-2020 (Assessment Year 2020-2021). The extension may or may not be applicable for subsequent financial years.