Scroll News
  • India
    • National
    • State News
  • World
  • Business
  • Education
  • Entertainment
  • Lifestyle
    • Health & Fitness
    • Fashion & Beauty
    • Travel
    • Food
  • Tech
    • App News
    • Gadgets
  • Auto
  • Others
    • Sports
    • Agriculture
    • Science
    • Astrology
    • Finance/Money
    • Press Release
    • Religion
    • Social Work
No Result
View All Result
  • India
    • National
    • State News
  • World
  • Business
  • Education
  • Entertainment
  • Lifestyle
    • Health & Fitness
    • Fashion & Beauty
    • Travel
    • Food
  • Tech
    • App News
    • Gadgets
  • Auto
  • Others
    • Sports
    • Agriculture
    • Science
    • Astrology
    • Finance/Money
    • Press Release
    • Religion
    • Social Work
No Result
View All Result
Scroll News
No Result
View All Result
Home Finance/Money

Extension of time limits for income tax returns

Scroll News by Scroll News
December 31, 2020
in Finance/Money
0
Share on FacebookShare on Twitter

In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (‘the Ordinance’) on 31st March, 2020 which, inter alia, extended various time limits. The Ordinance has since been replaced by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act.

The Government issued a Notification on 24th June, 2020 under the Ordinance which, inter alia, extended the due date for all Income Tax Returns for the FY 2019-20 (AY 2020-21) to 30th November, 2020. Hence, the returns of income which were required to be filed by 31st July, 2020 and 31st October, 2020 were required to be filed by 30th November, 2020.

You May Also Like This

Univest collaborates with Pratik Gandhi to conquer retail investor challenges

Univest collaborates with Pratik Gandhi to conquer retail investor challenges

January 10, 2023
How long does it take to get a Credit Card?

How long does it take to get a Credit Card?

January 3, 2023
Yield 4 Finance comes against scam and fraud in financial sector

Yield 4 Finance comes against scam and fraud in financial sector

September 2, 2022

Consequently, the date for furnishing various audit reports including tax audit report under the Income-tax Act, 1961 (the Act) was also extended to 31st October, 2020.
In order to provide more time to taxpayers for furnishing of Income Tax Returns, the due date was further extended vide notification No 88/2020/F. No. 370142/35/2020-TPL dated 29th October, 2020:

(A) The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited [for whom the due date (i.e. before the said extension) as per the Act was 31st October, 2020] was extended to 31st January, 2021.

(B) The due date for furnishing of Income Tax Returns for the taxpayers who are required to furnish report in respect of international/specified domestic transactions [for whom the due date (i.e. before the said extension) as per the Act was 30th November, 2020] was extended to 31st January, 2021.

(C) The due date for furnishing of Income Tax Returns for the other taxpayers [for whom the due date (i.e. before the said extension) as per the Act was 31st July, 2020] was extended to 31st December, 2020.

(D) Consequently, the date for furnishing of various audit reports under the Act including tax audit report and report in respect of international/specified domestic transaction was also extended to 31st December, 2020.

Considering the problems being faced by the taxpayers, it has been decided to provide further time to the taxpayers for furnishing of Income Tax Returns, tax audit reports and declaration under Vivad Se Vishwas Scheme. Further, in order to provide more time to taxpayers to comply under various ongoing proceedings, the dates of completion of proceedings under various Direct Taxes &Benami Acts have also been extended.

These extensions are as under:
a) The due date for furnishing of Income Tax Returns for the Assessment Year 2020-21 for the taxpayers (including their partners) who are required to get their accounts audited and companies [for whom the due date, as per 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] has been further extended to 15th February, 2021.
b) The due date for furnishing of Income Tax Returns for the Assessment Year 2020-21 for the taxpayers who are required to furnish report in respect of international/specified domestic transactions [for whom the due date, as per the provisions of section 139(1) of the Income-tax Act,1961, was 30th November, 2020 and which was extended to 31st January, 2021] has been further extended to 15th February, 2021.
c) The due date for furnishing of Income Tax Returns for the Assessment Year 2020-21 for the other taxpayers [for whom the due date, as per the provisions of section 139(1) of the Income-tax Act, 1961, was 31st July, 2020 and which was extended to 30th November, 2020 and then to 31st December, 2020] has been further extended to 10th January, 2021.
d) The date for furnishing of various audit reports under the Act including tax audit report and report in respect of international/specified domestic transaction for the Assessment Year 2020-21 has been further extended to 15th January, 2021.
e) The last date for making a declaration under Vivad Se Vishwas Scheme has been extended to 31st January, 2021 from 31st December, 2020.
f) The date for passing of orders under Vivad Se Vishwas Scheme, which are required to be passed by 30th January, 2021 has been extended to 31st January, 2021.
g) The date for passing of order or issuance of notice by the authorities under the Direct Taxes &Benami Acts which are required to be passed/ issued/ made by 30th March, 2021 has also been extended to 31st March, 2021.
h) Further, in order to provide relief for the third time to small and middle class taxpayers in the matter of payment of self-assessment tax, the due date for payment of self-assessment tax date is hereby again being extended. Accordingly, the due date for payment of self-assessment tax for taxpayers whose self-assessment tax liability is up to Rs. 1 lakh has been extended to 15th February, 2021 for the taxpayers mentioned in para 4(a) and para 4(b) and to 10th January, 2021 for the taxpayers mentioned in para 4(c).
The Government has also extended the due date of furnishing of annual return under section 44 of the Central Goods and Services Tax Act, 2017 for the financial year 2019-20 from 31st December, 2020 to 28th February, 2021.
The necessary notifications in this regard shall be issued in due course.
Tags: Income Tax Departmentincome tax returnsITR 2020
ShareTweetShareShareSendSend
Previous Post

PM lays Foundation Stone of AIIMS at Rajkot

Next Post

PM chairs 34th PRAGATI interaction

Related Posts

Univest collaborates with Pratik Gandhi to conquer retail investor challenges
Finance/Money

Univest collaborates with Pratik Gandhi to conquer retail investor challenges

January 10, 2023
How long does it take to get a Credit Card?
Finance/Money

How long does it take to get a Credit Card?

January 3, 2023
Yield 4 Finance comes against scam and fraud in financial sector
Finance/Money

Yield 4 Finance comes against scam and fraud in financial sector

September 2, 2022
Finance/Money

RBI’s PCA (Prompt Corrective Action) withdrawn from UCO Bank

December 15, 2021
Finance/Money

Ezeepay to Launch Doorstep Digital Services in Rural Area

June 17, 2021
Business

A Beacon Of Hope For Entrepreneurs via Taxation help: Neha Nagar, Leading Financial Content Creator

May 12, 2021
Next Post

PM chairs 34th PRAGATI interaction

How the Domestic Medical Equipment Industry “Adapted, Evolved and Expanded” to meet COVID19 challenge in 2020

Consortium launched to monitor genomic variations in SARS-CoV-2 virus

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

LANXESS’ High Performance Materials business unit to become legally independent

2 years ago

The biggest ever vaccination drive in India to be held on 6th June in the city at Hitex

2 years ago

Fuzia – A Platform to Empower Women through Fusion of Cultures and Ideas

2 years ago

Jiya Rai, a 12 years old naval child, Swims 36 kilometers to create awareness about Autism Spectrum Disorder

2 years ago

Categories

  • Agriculture
  • App News
  • Astrology
  • Auto
  • Business
  • Education
  • Entertainment
  • Fashion & Beauty
  • Finance/Money
  • Food
  • Gadgets
  • Health & Fitness
  • Lifestyle
  • National
  • Photography
  • Politics
  • Press Release
  • Religion
  • Science
  • Social Work
  • Sports
  • State News
  • Tech
  • Travel
  • World

Topics

Ace Entrepreneur Ahmedabad Artificial intelligence Bengaluru Blockchain technology Content Creator COVID-19 CSIR DBT Delhi Department of Biotechnology DeSpace Protocol Digital Marketing disease DST Dubai Education entrepreneur environment Fairplay Gujarat health Hyderabad IIT Delhi Indian Institute of Technology Influencer Influencerquipo innovation Kingston Technology K Raheja Corp Homes MoES Mumbai Music Industry NFT pandemic photography Pune R&D real estate research science social media Surat technology TTK Prestige
No Result
View All Result

Highlights

The 7 inspiring visionaries who inspired the world ft INKZOID FOUNDATION

How innovation will drive growth and create new opportunities in the Indian economy

“TAVVAI”: A Mythological tale of Misfortune and Redemption!!!!!

The User-friendly Interface of FairPlay Makes Betting Convenient for both Newcomers and Seasoned Players

V. Nagaraj launches Groundbreaking App for Public Welfare in Ranipet Constituency

Kashiyana Foundation organize 7th Foundation Day at India International Center, Delhi

Trending

Jainex Stationery India: Changing the stationery market with affordably excellent products
Business

Jainex Stationery India: Changing the stationery market with affordably excellent products

by Scroll News
June 1, 2023
0

With its dedication to offering consumers all over India affordable and high-quality stationery products, Jainex Stationery India,...

Chandresh Ajay Pandey’s Eklavya EdTech: Empowering Education with Innovation

Chandresh Ajay Pandey’s Eklavya EdTech: Empowering Education with Innovation

May 31, 2023
Stay Ahead of the Game with FairPlay’s Real-Time Updates and Live Betting Options

Stay Ahead of the Game with FairPlay’s Real-Time Updates and Live Betting Options

May 31, 2023
The 7 inspiring visionaries who inspired the world ft INKZOID FOUNDATION

The 7 inspiring visionaries who inspired the world ft INKZOID FOUNDATION

May 30, 2023
How innovation will drive growth and create new opportunities in the Indian economy

How innovation will drive growth and create new opportunities in the Indian economy

May 29, 2023
  • About Us
  • Advertise
  • Contact Us
  • DMCA
  • Follow on Google News

© 2022 Scroll News

No Result
View All Result
  • About Us
  • Advertise
  • Contact Us
  • DMCA
  • Home
  • Privacy Policy

© 2022 Scroll News