The government has further extended the filing deadlines for income-tax (I-T) returns and GST annual returns. The deadline for filing I-T returns for individuals for financial year 2019-20 (assessment year 2020-21) has been extended by a month to December 31 and the due date for Income Tax Returns for taxpayers whose accounts require to be audited has been extended till January 31 next year.
Separately, the government on Saturday also extended the due date for GST annual returns for FY2018-19 by two months to December 31.
Many associations of tax consultants, chartered accountants had been over the last few weeks making representations to the Finance Ministry for a further extension of filing deadlines, citing difficulties in running normal business operations due to the Covid-19 pandemic.
Though the Central Board of Direct Taxe (CBDT) had extended the due dates for filing of the I-T returns earlier, the associations and industry representatives said that it is very unlikely that the assessee would be in a position to get the accounts audited by October 31 and then file the returns by November 30.
“The due date for furnishing of Income Tax Returns for the other taxpayers [for whom the due date (i.e. before the extension by the said notification) as per the Act was July 31, 2020] has been extended to December 31, 2020,” the Income-tax Department said on Saturday.
The due date for furnishing of ITRs for the taxpayers (including their partners) who are required to get their accounts audited [for whom the due date as per the I-T Act is October 31, 2020] has been extended to January 31, 2021, it said. Also, the due date for furnishing of ITRs for the taxpayers who are required to furnish report in respect of international/specified domestic transactions has been extended to January 31, 2021.
The government had earlier in May extended various due dates for filing ITRs for FY2019-20 from July 31 to November 30, as part of measures to provide compliance-related relief to taxpayers in the wake of the Covid-19 pandemic.
The government had last month extended the last date for filing GST annual return and audit report for the 2018-19 fiscal by a month till October 31. In a statement, the Central Board of Indirect Taxes and Customs (CBIC) said the government has been receiving a number of representations regarding the need to extend the due date for filing the Annual Return (Form GSTR-9) and Reconciliation Statement (Form GSTR-9C) for FY2018-19.
“In view of the same, on the recommendations of the GST Council, it has been decided to extend the due date for filing Annual Return (Form GSTR-9/GSTR-9A) and Reconciliation Statement (FORM GSTR-9C) for Financial Year 2018-19 from October 31, 2020 to December 31, 2020,” the CBIC said.
GSTR 9, the annual return under GST, consists of details regarding the outward and inward supplies made or received under different tax heads. GSTR-9C is a statement of reconciliation between GSTR-9 and the audited annual financial statement. The annual return is mandatory only for taxpayers with aggregate annual turnover of above Rs 2 crore while reconciliation statement is to be furnished only by the registered persons having aggregate turnover above Rs 5 crore.
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