In what comes as a huge relief to taxpayers, the central government has extended the deadlines for filing income tax returns for the 2019-20 fiscal year, with regard to both individuals and companies.
The decision has been taken "in view of the continued challenges faced by taxpayers in meeting statutory compliances due to outbreak of COVID-19), the Income Tax department said in a statement.
This is the third time that the deadline has been extended.
The deadline for filing income tax returns by individuals has been extended by 10 days to January 10, 2021.
On the other hand, the deadlines for filing income tax return for 2019-20 by companies and individuals who need to get their accounts audited too have been extended by 15 days to Feb 15, 2021.
The due date for filing income tax return (ITR) by individuals and companies was December 31, 2020, and January 31, 2021, respectively.
Over 4.54 crore ITRs for 2019-20 fiscal (assessment year 2020-21) were filed till December 28. In the comparable period last year, 4.77 crore income tax returns were filed.
At the close of the deadline for filing ITRs without payment of late fees for fiscal 2018-19 (the assessment year 2019-20), over 5.65 crore returns were filed by taxpayers.
The income tax department tweeted that the extension in various deadline was given in view of the continued challenges faced by taxpayers in meeting statutory compliances due to the outbreak of COVID-19.
Also, the due date for filing declaration under the direct tax dispute resolution scheme Vivad Se Vishwas has been extended by a month till January 31.
The deadline for filing GST annual return for 2019-20 fiscal has been extended by 2 months till February 28, 2021.
(With agency inputs)
