Income Tax Return, GSTR-9 Annual Return Filing: As 2020 comes to an end, there are several deadlines that are round the corner. It is important to note that you must be aware of the deadlines of key financial tasks in order to avoid fines, penalties and other problems in the coming year. There are various important financial tasks that have deadlines falling on December 31, 2020.
Here are the tasks you must complete by the year end:
1. ITR filing: The government this year has extended the deadline for filing income tax returns (ITRs) for the financial year 2019-20 (FY20) to December 31 due to the coronavirus (COVID-19) pandemic. However, it is very important to note that if a taxpayer fails to do so by the year end, then (s)he may attract a fine of up to Rs 10,000.
The Due Date for filing of ITR is almost here.
File your ITR NOW to avoid late filing fee.
Smart Bano, Aaj Hi File Karo.
— Income Tax India (@IncomeTaxIndia) December 25, 2020
This huge late filing fine will be imposed only if the taxpayer’s net income (income after claiming eligible deductions and tax exemptions) exceeds Rs 5,00,000 in the said financial year. But those individuals who have a taxable income up to Rs 5,00,000 will be required to pay a fine of Rs 1,000 if they file their return after December 31.
2. Vivad Se Vishwas scheme: The government had extended its deadline for making payment under its direct tax dispute settlement scheme ‘Vivad Se Vishwas’ till March 31, 2021. However, according to the Central Board of Direct Taxes (CBDT) notification in this regard, the declaration under Vivad se Vishwas Scheme shall be required to be furnished by December 31. Only in respect of the said declarations made, the payment without additional amount can be made up to March 31, 2021.
3. GST annual returns: The government in October had also extended the due date for furnishing GST annual returns for financial year 2018-19 (FY19) till December 31. Furnishing of the GST annual return is mandatory only for taxpayers with aggregate annual turnover above Rs 2 crore while reconciliation statement is to be furnished only by the registered persons having aggregate turnover above Rs 5 crore.
“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 Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines