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Deadlines for filing I-T, GST returns extended

Income Tax Return (ITR) Filing FY 2019-20 Last Date: The deadline for companies and individuals who need to get their accounts audited too have been extended by 15 days till February 15, the Finance Ministry said in a statement.

By: Express News Service | New Delhi | Updated: December 31, 2020 5:05:36 am
Gujarat universities, Foriegn students, Covid crisis, Ahmedabad news, Gujarat news, Indian express newsOver 4.54 crore ITRs for 2019-20 fiscal (assessment year 2020-21) were filed till December 28

ITR Filing FY 2019-20 Last Date: Citing challenges faced by taxpayers in meeting tax-related compliance deadlines due to the Covid-19 pandemic, the government on Wednesday extended the due dates for various tax filings, including for making declaration under the direct tax dispute resolution scheme Vivad Se Vishwas.

On the indirect tax compliance, the government has extended the date for filing annual return under GST for financial year 2019-20 to February 28 from the previous deadline of December 31.

For salaried employees, the deadline for filing income-tax return for the current assessment year (AY 2020-21) has been pushed by 10 days to January 10. This had been extended twice previously from the original deadline of July 31. Similarly, for direct tax assessees who are required to get their personal and company’s account audited, the deadline has now been extended to February 15 from January 31 earlier. The same has been done for assessees who are required to furnish reports in respect of international/specified domestic transactions, the government said.

Additionally, the due date for making declaration under Vivad se Vishwas scheme has been extended by a month to January 31.

Further, in order 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 extended, the government said.

It added the due date for payment of self-assessment tax for taxpayers whose tax liability is up to Rs 1 lakh has been extended to February 15 and for others it would now be January 10.

Shailesh Kumar, partner at Nangia & Co LLP said, “Taxpayers should note that the interest clock continues and taxpayers waiting to file as per further extended timeline will need to pay additional 1 month interest (except small taxpayers having self assessment tax liability up to Rs 1 lakh). Thus, if everything is final, taxpayers should go ahead with filing, instead of availing the extended period.”

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