The Central Government has issued the notifications for an extends due date for ITR Audit Report.
Let’s summaries the Notifications issued:-
The Central Government has published for the income tax return (ITR) filing deadline for FY 2019-20, which has been extended to December 31, 2020, for most individual taxpayers, from the earlier deadline is November 30, 2020. This the second time for extensions due date for filing Income Tax Audit Report for FY 2019-20.
Why Government Extends due date for ITR Audit Report
As per the Central Government’s press release issued on October 24, 2020, they have to provide more time to taxpayers for furnishing their ITR, it has been decided to additional extend the due date for furnishing of Income-Tax Returns. Also, the portal for ITR filing enables taxpayers to file their Income Tax Return Filing online hassle-free. Before this, the due date for furnishing of income tax returns for these individual taxpayers was November 30, 2020.
Measures to file ITR Audit Report for FY 2019-20
There has been decided to further extend the due date for furnishing of Income-Tax Returns as under:
- The due date for income tax returns for these individual taxpayers has been extended to 31st December 2020.
- The due date of Income Tax Returns for the taxpayers who are obliged to get their records audited has been extended to 31st January 2021.
- The due date of Income Tax Returns for the taxpayers who are obliged to provide a report in respect of international/specified domestic transactions has been further extended to 31st January 2021.
Further Relief to Taxpayers
There is further relaxation for taxpayers which has conferred by the central government. Some of them are-
- Further, relief is rendered to small and middle-class taxpayers in the matter of payment of self-assessment tax,
- Also, the due date for payment of self-assessment tax date is hereby again being extended.
- Therefore, 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 31st January 2021 for the taxpayers whose accounts are obliged to be audited.
If you need any other guidance concerning ITR Filing, please feel free to contact our business advisors at 8881-069-069.
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