The ITR filing deadline for FY 2019-20 has been extended to December 31, 2020. This is the second time the Central Board of Direct Taxes (CBDT) has extended the due date of ITR filing from the time the COVID-19 pandemic struck. For those taxpayers whose accounts have to be audited, the deadline has been extended by 2 months, until January 31, 2021.
This extension is to resolve challenges faced by the taxpayers in meeting the statutory and regulatory compliance due to the COVID-19. The Central Board of Direct Taxes (CBDT) had announced earlier that the due date for ITR filing for taxpayers would be November 30, 2020.
Other due dates extended
The deadline for furnishing Income Tax Returns for other taxpayers i.e for whom the due date (before the extension by the notification) as per the Act was July 31, 2020, has been extended to December 31, 2020.
The due date for furnishing ITR for the taxpayers who need to get their accounts audited (the due date as per the IT Act is October 31, 2020) has been extended to January 31, 2021.
For taxpayers who have to furnish reports of international /specific domestic transactions, the due date has been extended to January 31, 2021.
The government also extended the due date for GST annual returns for FY 2018-19 by two months to December 31, 2020.
The due date for self-assessment tax payment has also been extended, providing relief to small and middle-class taxpayers. The due date for payment of self-assessment tax for taxpayers whose self-assessment tax liability is up to ₹1 lakh has been extended to 31 January 2021.
If a taxpayer has any taxes due, they must be paid on time to avoid penal interest which remains applicable.