Due to the COVID-19 pandemic, most of the businesses are still struggling to regularise their business operations and they are facing difficulties in completing all applicable compliances by the given due dates. The Government received various representations requesting an extension of due dates of income tax returns. Considering the same, The Government has extended the following due dates. Extension of due dates of Income Tax Return, Tax Audit, and GST Annual Return are as follows:
1. Extension of due dates of Income Tax Return (Income Tax Act)
1.1 Due date of filing of Returns and Audit Report
|Assessment year||Returns/Reports||Original Due date||Due date extended earlier||Further extended due dates(24th October, 2020)|
|2020-21||Income tax return (where assessee is required to furnish report in respect of international/specified domestic transactions||30th November, 2020||–||31st January, 2021|
|2020-21||Income tax return (where assessee is required to get his accounts audited under section 44AB of Income Tax Act)||31st October, 2020||30th November, 2020||31st January, 2021|
|2020-21||Income Tax return of partners (where firm is required to get his accounts audited under section 44AB of Income Tax Act)||31st October, 2020||30th November, 2020||31st January, 2021|
|2020-21||Income Tax return (In any other case)||31st July, 2020||30th November, 2020||31st December, 2020|
|2020-21||Tax Audit report under section 44AB of Income Tax Act||30th September, 2020||31st October, 2020||31st December, 2020|
|2020-21||Audit report in respect of International Transactions/ Specified domestic transactions||30th November, 2020||–||31st December, 2020|
|2019-20||Belated/Revised Income tax return||31st March, 2020||30th September, 2020||30th November, 2020|
1.2 Relaxation of time limit for payment of Self assessment tax
Originally, relief was granted on the due date of payment of self-assessment tax for small and middle class taxpayers. Relief was granted where self-assessment tax liability does not exceed INR 1 lacs.
In order to further extend such relief, due date of payment of self-assessment tax is further extended till 31st January, 2021 for the taxpayers who are required to get their accounts audited or required to submit a report of specified/International Domestic Transaction and for other taxpayers revised due date of payment of self assessment tax liability is 31st December, 2020.
No extension is granted for assessees whose self assessment tax liability exceeds INR 1 Lacs.
2. Extension of due date of GSTR 9 and GSTR 9C for FY 2018-19
Vide press release dated 24th October, 2020, CBIC has extended the due date of filing of GST Annual return (GSTR-9/GSTR-9A) and Reconciliation Statement (GSTR-9C) for FY 2018-19 from 31st October, 2020 to 31st December, 2020.
Please note that Annual return is optional for those suppliers whose aggregate turnover is less than INR 2 Crores during FY 2018-19 and similarly, Reconciliation statement in GSTR-9C is also optional for Suppliers whose aggregate turnover is less than INR 5 Crores during the year under consideration.