Coronavirus impact: Govt extends deadline for income tax filing, GST compliance; check out details

The government has extended various tax compliance deadlines, including Income Tax Returns, tax audit reports and declaration under 'Vivad Se Vishwas Scheme, in view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19 pandemic.

The last date for filing income tax return (ITR) for FY 2019-20 has been extended to January 10, 2021, from the earlier deadline of December 31, 2020. In addition, the deadline for furnishing the annual returns under Central Goods and Services Tax Act, 2017 for the financial year 2019-20 has been extended by two months to February 28, 2021.

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"Considering the problems being faced by the taxpayers, it has been decided to provide further time to the taxpayers for furnishing of Income Tax Returns, tax audit reports and declaration under Vivad Se Vishwas Scheme. Further, in order to provide more time to taxpayers to comply under various ongoing proceedings, the dates of completion of proceedings under various Direct Taxes and Benami Acts have also been extended," Ministry of Finance said on Wednesday.

Also Read: Income Tax Returns filing deadline extended to 10 January

Here are the details on the extension of various tax compliance deadlines.

• The deadline for furnishing of income tax returns for the Assessment Year 2020-21 for other taxpayers (for whom the due date was 31 July, 2020 and which was extended to 30 November, 2020 and then to 31 December, 2020) has been further extended to 10 January, 2021.
• The due date for furnishing of income tax returns for the Assessment Year 2020-21 for taxpayers who are required to get their accounts audited and companies (for whom the due date was 31 October, 2020 and which was extended to 30 November, 2020 and then to 31 January, 2021) has been further extended to 15 February, 2021.  
• The deadline for furnishing of income tax returns for the Assessment Year 2020-21 for the taxpayers who are required to furnish report in respect of international/specified domestic transactions [for whom the due date was 30 November, 2020 and which was extended to 31 January, 2021) has been further extended to 15 February, 2021.
• The date for furnishing of various audit reports under the Act including tax audit report and report in respect of international/specified domestic transaction for the Assessment Year 2020-21 has been further extended to 15 January, 2021.  
• The last date to make a declaration under Vivad Se Vishwas Scheme has been extended to 31 January, 2021 from 31 December, 2020.
• The date for passing of orders under Vivad Se Vishwas Scheme, which are required to be passed by 30 January, 2021 has been extended to 31January, 2021.  
• The date for passing of order or issuance of notice by the authorities under the Direct Taxes and Benami Acts which are required to be passed/ issued/ made by 30 March, 2021 has also been extended to 31 March, 2021.

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 for payment of self-assessment tax date has again been 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 to 15 February, 2021.

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 2019-20 from 31 December, 2020 to 28 February, 2021.

By Chitranjan Kumar

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