Thu, 26 Nov 2020

New Delhi [India], October 24 (ANI): In a bid to provide more time to taxpayers for furnishing of Income Tax Returns, the Central Board of Direct Taxes (CBDT) on Saturday further extended the due date for furnishing of Income Tax Returns and audit reports.

"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 (before the extension by the said notification) as per the Act is October 31, 2020] has been extended to January 31, 2021," the CBDT said in a press release.

It said that the due date for furnishing of Income Tax Returns for the taxpayers who are required to furnish a report in respect of international and specified domestic transactions for whom the due date before the extension by the said notification as per the Act is November 30, 2020, has been extended to January 31, 2021.

"The due date for furnishing of Income Tax Returns for the other taxpayers [for whom the due date (before the extension by the said notification) as per the Act was July 31, 2020] has been extended to December 31, 2020," the release said.

"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 has also been extended to December 31, 2020," it added.

The CBDT said that in order to provide relief to small and middle-class taxpayers, a notification dated June 24, 2020, had also extended the due date for payment of self-assessment tax for the taxpayers whose self-assessment tax liability is up to Rs 1 lakh.

"Accordingly, the due date for payment of self-assessment tax for the taxpayers who are not required to get their accounts audited was extended from July 31, 2020, to November 30, 2020, and for the auditable cases, this due date was extended from October 31, 2020, to November 30, 2020," the release said.

The CBDT had earlier issued a notification on June 24, 2020, extending the due date for all Income Tax Returns for the FY 2019-20 to November 30, 2020. (ANI)

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