Income tax return filing deadline for FY 2019-20 extended to January 10, 2021

In light of the coronavirus outbreak, the government on Wednesday allowed individuals to file income tax returns for 2019-20 fiscal till January 10., 2021

The deadline for companies and individuals who need to get their accounts audited too have been extended by 15 days till February 15, the finance ministry said in a statement. The due date for filing income tax return (ITR) by individuals and companies was December 31, 2020, and January 31, 2021, respectively.

Over 4.54 crore ITRs for 2019-20 fiscal (assessment year 2020-21) were filed till December 28. In the comparable period last year, 4.77 crore income tax returns were filed.

At the close of deadline for filing ITRs without payment of late fees for fiscal 2018-19 (assessment year 2019-20), over 5.65 crore returns were filed by taxpayers. The income tax department tweeted that the extension in various deadline was given in view of the continued challenges faced by taxpayers in meeting statutory compliances due to the outbreak of COVID-19.

Also, the due date for filing declaration under the direct tax dispute resolution scheme Vivad Se Vishwas has been extended by a month till January 31. The deadline for filing GST annual return for 2019-20 fiscal has been extended by 2 months till February 28, 2021.

GST filing is mandatory for taxpayers with a total annual turnover of Rs 2 crore. For registered personnel with a total turnover of Rs 5 crore have to file and present a reconciliation statement.

ITR filing: The due date for filing income tax returns is for FY20 is extended till January 10, 2021, instead of December 31, 2020. However, the accounts that need auditing can file the returns by February 15, 2021.

Tax Audit: The new due date for filing tax audits is January 15, 2021.

Vivid se Vishwas scheme: The government has extended the deadline for the payment of direct tax disputes under the Vivad Se Vishwas scheme till March 31, 2021. However, according to the notification, taxpayers have to declare the disputed amount by December 31, 2020, even if they make the payment by March 31, 2021.