The Central Board of Direct taxes vide press release dated 30th December, 2020 has been extended the deadlines for filing income tax returns as follows:
The deadline for furnishing of Income Tax Returns for the Assessment Year 2020-21 for the individuals (which includes their partners) who are required to get their accounts audited and companies [for whom the due date, according to the provisions of section 139(1) of the Income-tax Act,1961, was 31st October, 2020 and which was extended to 30th November, 2020 and then to 31st January, 2021] was further extended to 15th February, 2021.
The deadline for furnishing of Income Tax Returns for the Assessment Year 2020-21 for the individuals who are required towards furnishing report in respect of international/specified domestic transactions [for whom the due date, according to the provisions of section 139(1) of the Income-tax Act,1961, was 30th November, 2020 and which has been extended to 31st January, 2021] was further extended to 15th February, 2021.
The deadline for furnishing of Income Tax Returns for the Assessment Year 2020-21 for the other individuals [for whom the due date, according to the provisions of section 139(1) of the Income-tax Act, 1961, was 31st July, 2020 and which has been extended to 30th November, 2020 and then to 31st December, 2020] was further extended to 10th January, 2021.
The date for furnishing of several audit reports under the Act which includes tax audit report and report with regard to international/specified domestic transaction for the Assessment Year 2020-21 was further extended to 15th January, 2021.
The deadline for making a declaration under Vivad Se Vishwas Scheme was extended to 31st January, 2021 from 31st December, 2020.
The date for passing of orders under Vivad Se Vishwas Scheme, which are needed to be passed by 30th January, 2021 was extended to 31st January, 2021.
The date for passing of order or issuance of notice through the authorities under the Direct Taxes and Benami Acts which are needed to be passed/ issued/ made by 30th March, 2021 was also extended to 31st March, 2021.
Deadline for filling Income Tax Returns extended to 10th January 2021-
The Central Board of Direct Taxed (CBDT) had extended the last date for filing the income tax return (ITR) for Financial Year 2019-20 to 10th January, 2021 taking into consideration the Covid-19 pandemic, from the earlier deadline of 31st December, 2020. Generally, the taxpayers every year were supposed to file Income Tax Return by 31st July but an exception has been made this year because of the pandemic. This is the third time the deadline for tax return filing for FY2019-20 was extended.
Considering the continued challenges faced by the taxpayers in meeting statutory compliances owing to the outbreak of COVID-19, the government had further extended the dates for several compliances. The deadline for furnishing of Income Tax Returns for the other individuals for whom the due date that is, before the extension by the said notification according to the Act was 31st July, 2020, has been extended to 10th January, 2021.
The Direct Tax professionals had urged the Finance Minister Nirmala Sitharaman in order to extend the last date for filing tax audit report, income tax returns for audit cases. It was reported that the Direct Taxes Professionals Association (DTPA) had urged Finance Minister Nirmala Sitharaman towards extending the last date of furnishing of tax audit report under section 44AB to 28th February. They have requested the Finance Minister to extend the due date of filing of income tax returns of Assessment Year 2020-21 to 31st March, 2021.
Earlier, for the Financial Year 2019-20, the government had extended the date for making several investment/ payments for claiming deduction under Chapter-VIA-B of the Income Tax Act which comprises section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations) to 31st July, 2020. Now, the investment/ payment could be made up to 31st July, 2020 for claiming the deduction under these sections for Financial Year 2019-20. In the income tax forms, Schedule DI allows individuals towards claiming exemptions on investments they made during the extended period, until 30th June, 2020.
Conclusion:
Under normal conditions, the last date to take income tax benefits is till 31st March of the financial year. Also, the last date for the issuance of Form 16 by employers to their employees was also extended by the government. Further, the extension was given for all Tax Deducted at Source (TDS) certificates, including Form 16. The Central Board of Direct Taxed (CBDT) has already notified the Income Tax Return Forms for the Assessment Year 2020-2021 and are available for e-Filing through downloading either excel or Java utility
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