Have You Filed Your Income Tax Return But? Know All Necessary Dates

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Have You Filed Your Income Tax Return But? Know All Necessary Dates

Have you ever filed your income tax return (ITR) for the monetary 12 months 2019-20? If not, put your worries apart as a result of these 12 monthsthe federal government has prolonged the deadline for submitting revenue tax returns until December 31, 2020, to offer aid to taxpayers amid the COVID-19 pandemic. With this extension, taxpayers now have till the top of this 12 months to file their return of revenue earned between April 1, 2019, and March 31, 2020, as a substitute for November 30. The final for submitting ITRs for all people/assessees whose accounts will not be required to be audited is normally July 31.

Revenue Tax Return (ITR) submitting: all necessary dates at a look

  • The due dates have been prolonged with the purpose to present extra time to taxpayers for furnishing of revenue tax returns, based on the Central Board of Direct Taxes (CBDT), the highest policy-making physique of the Revenue Tax Division.
  • The due date of furnishing ITRs for taxpayers whose accounts require to be audited has been prolonged to January 31, 2020
  • The date for furnishing of assorted audit stories beneath the Act, together with tax audit report and report in respect of worldwide/specified home transaction, has been prolonged to January 31, 2021
  • The date for furnishing of assorted audit stories beneath the Act, together with tax audit report and report in respect of worldwide/specified home transaction, has been prolonged to December 31, 2020
  • The Revenue Tax division additionally prolonged the deadline for small taxpayers, or these with a tax legal responsibility as much as Rs 1 lakh based mostly on self-assessment to January 31, 2021. In June, the due dates for the cost of self-assessment taxes in circumstances of liabilities as much as Rs 1 lakh has been prolonged, to offer aid to small- and middle-class taxpayers. The due date of November 30 was fastened for the circumstances with or without audit.


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