Govt extends Income Tax return filing deadline till 10th January
Govt extends Income Tax return filing deadline:- In view of the continued challenges faced by taxpayers in meeting statutory compliances due to the outbreak of COVID-19, the government on Wednesday further extended the dates for various compliances.
The deadline to file income tax returns (ITR) for FY 2019-2020 has been extended for individuals from December 31, 2020, to January 10, 2021.
The extension of the deadline is for those individuals whose accounts are not required to be audited and who usually file their income tax return using ITR-1 or ITR-4 forms, as applicable.
- ITRs: 10 January 2021
- ITR whose accounts need to be audited: 15 February 2021
- Tax Audit: 15 January 2021
- Declaration for Vivad se Vishwas: 31 January 2021
- GST Annual Return for 2019-20: 28 February, 2021
The due date for furnishing of Income Tax Returns for the assessment year 2020-21 for taxpayers (including their partners), who are required to get their accounts audited, has been extended to February 15, the finance ministry said in a press release today.
The due date of furnishing of annual return under Central Goods and Services Tax Act, 2017 for the financial year 2019-20 has been extended to February 28, the Income Tax Department said.
The last date for a declaration under Vivad Se Vishwas Scheme was also extended to January 31, 2021, from December 31, 2020.
According to the I-T Department, more than 4.54 crore tax returns for the 2019-20 fiscal have been filed till December 29.
However, if you miss the new ITR filing deadline of January 10, you will have to pay a penalty of Rs 10,000.
However, this penalty will only be if your income after claiming eligible deductions and tax exemptions is more than Rs 5 lakh. If it is less than Rs 5 lakh, the late filing fee will be Rs 1,000.