Finance Ministry extends deadline for various compliances - File Income Tax Return by Jan 10 and GST return by February 28
In view of COVID 19 pandemic, Ministry of Finance has extended the last dates keeping in mind the challenges faced by taxpayers.
In a press release by the Finance Ministry, the Government has announced that it has extended the due date for submission of Income Tax Returns (ITR) for individual taxpayers from December 31st, 2020 to January 10th, 2021.
The last date for filing of ITR for taxpayers and companies requiring audit has been extended to February 15th, 2021 from the previous date of January 31st. The due date for a declaration under the ‘Vivad se Vishwas’ scheme has been changed to 31st January 2021.
Further, the Government has notified that the due date for payment of annual tax under Section 44 of the Central Goods and Services act for FY 2019-2020 has been extended to February 28th, 2021 which was expiring on 31st December 2020.
These deadlines have been extended keeping in view of the challenges faced by the taxpayers in meeting statutory and regulatory compliances due to the outbreak of COVID -19.
Here are the various deadlines that were extended by the Ministry of Finance:
For AY 2020-21, the due date for furnishing Income Tax Returns has been changed to January 10th, 2021.
- For taxpayers (and their partners) who are required to get their accounts audited and companies, the last date for furnishing ITR for AY 2020-21 has been extended to February 15th, 2021.
- The last date for taxpayers who are required to furnish a report in respect of international/specified domestic transactions for AY 2020-21 has been extended to 15th February 2021 from the previous due date of January 31st.
- The date for furnishing of various audit reports including tax audit report and report in respect of international/specified domestic transaction for Ay 2020-21 has been extended to 15th January 2021.
- Under Vivad se Vishwas Scheme, the last date for making a declaration is January 31st, 2021 while the date for the passing of orders under this scheme has also been extended to January 31st.
- The date for the passing of order or issuance of notice by authorities under the Direct Taxes and Benami Acts has been extended to 31st March 2021.
To provide relief to small and middle-class taxpayers, the due date for payment of self-assessment tax, for taxpayers whose liability is up to Rupees 1 Lakh, has been extended to 15th February 2021.
This deadline is for taxpayers and companies which require an audit as per the provisions of Section 139 (1) of the Income Tax Act, 1961. For other taxpayers having liability up to 1 Lakh Rupees, the deadline of self-assessment tax has been extended to January 10th, 2021.
The deadline for filing of annual GST returns has been extended to February 28.
Several stakeholders had urged Finance Minister Nirmala Sitharaman for an extension of dates for furnishing tax audit reports and income tax returns.
The Income Tax Department said that nearly 4.54 crore Income Tax Returns for AY 2020-21 have already been filed till 29th of December, 2020. The data released by the I-T department showed that over 2.52 crore ITR-1 have been filed till December 29, 2020 which is lesser than the 4.77 crores filed till the same time last year.
Between April 1 to December 27, 2020, The Central Board of Direct Taxes (CBDT) has issued refunds of over 1,56,624 crores to more than 1.33 crore taxpayers.
The tweet by the Income Tax Department of India also added that Income Tax refunds of 50,554 crores have been issued in 1,31,11,050 cases and corporate tax refunds of 1,06,069 crores have been issued in 2,03,334 cases.
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