Deadline to File Income Tax Returns Extended

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Income Tax Returns
Income Tax Returns

The finance ministry said in a statement that the government has decided to extend the deadline to file income tax returns for individuals to January 10, 2021.

The deadline for filing tax returns by businesses too has been extended till February 15, the finance ministry said in a statement.

This is the third time that the government has extended the deadline to file ITR . 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.

Besides, the date for filing GST annual return for 2019-20 fiscal has been extended by two months till February 28, 2021.

The extension of the deadline till January 10 is for filing ITR for 2019-20 fiscal year (2020-21 assessment year) and is for those individuals whose accounts are not required to be audited and who usually file their income tax return using ITR-1 or ITR-4 forms, as applicable, the statement said.

The deadline for other taxpayers whose accounts are required to be audited (including partners of a firm) and/or those who have to submit reports in respect to international financial transactions has been extended to February 15, 2021.

Amid a blip in the number of ITRs filed by individuals vis-a-vis last year, the finance ministry said the extension in various deadlines was given in view of the continued challenges faced by taxpayers in meeting statutory compliances due to the outbreak of COVID-19.

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