Extension of due dates of Income Tax Return, Tax Audit and GST Annual Return

Extension of due dates of Income Tax Return, Tax Audit and GST Annual Return

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

Vide press release dated 24th October, 2020, The Government has further extended following due date of filing of Income tax returns and Tax Audit reports for Assessment year 2020-21:

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.

https://www.pib.gov.in/PressReleasePage.aspx?PRID=1667281

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.

https://twitter.com/cbic_india/status/1319926457745903616/photo/1

DISCLAIMER: The views expressed are strictly of the author and VJM & Associates LLP. The contents of this article are solely for informational purpose. It does not constitute professional advice or recommendation of firm. Neither the author nor firm and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any information in this article nor for any actions taken in reliance thereon.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on whatsapp
WhatsApp
Related Post
Income tax on transfer of unquoted equity shares at less than Fair Market Value (FMV)
Income Tax
CA. Kavit Vijay

Income tax on transfer of unquoted equity shares at less than Fair Market Value (FMV)

Transfer of shares of listed entities is quite a simple and fair process as the price of shares are available on the stock exchange and shareholders have no option to transfer shares at value other than price available on stock exchange. However, what about the unquoted or unlisted equity shares. Whether shareholders can transfer such shares at any price or is there any mechanism specified for the same?

Read More »
Key takeaways from Interim Budget, 2024
Finance Budget
CA. Kavit Vijay

Key takeaways from Interim Budget, 2024

During the year of the Central Election, Our present government has come up with an Interim Budget for FY 2024-25. All the financial schemes or Plans proposed in the Interim Budget are temporary until the final budget is presented by the new Government post elections.

Read More »
ITR processing
ITR
CA. Kavit Vijay

Processing of ITR Filed electronically with refund claim under section 143(1) beyond the prescribed limit in non- Scrutiny cases

After filing of Income tax return, processing of Income tax return under section 143(1) is the first step wherein return is electronically processed by the Department system and action is taken as per the prima facie validations such as TDS is granted as per information available in Form 26AS irrespective of amount claimed in ITR, computation of interest etc. Refund claimed in Income tax return is processed only after processing under Section 143(1) of Income Tax Act.

Read More »

V J M & Associates LLP

Contact Us

X