In big relief for taxpayers, Income tax return (ITR) filing due date extended
New Delhi, Dec 30: Extending the deadline for the third time, the government on Wednesday allowed individuals to file income tax returns for 2019-20 fiscal till January 10.
In view of the continued challenges faced by taxpayers in meeting statutory compliances due to outbreak of COVID-19, the Govt further extends the dates for various compliances. Press release on extension of time limits issued today: pic.twitter.com/lMew09HXMq— Income Tax India (@IncomeTaxIndia) December 30, 2020
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.
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 deadline for filing ITRs without payment of late fees for fiscal 2018-19 (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.
This year the government has raised the penalty amount for missing the deadline, by imposing a fine up to Rs.10,000 as opposed to the Rs.5,000 imposed last year. The practise of charging late filing fees under section 234F was introduced in the Budget of 2017 and became effective for financial year 2017-18 or assessment year 2018-19 onward.