Synopsis: As a part of Covid-19 relaxation in compliances, Due date to file ITR- Income Tax Return is extended to 30th November 2020 for FY 2019-20 (AY 2020-21) for those taxpayers not liable to Audit under 44AB of the income tax act. Due date for Income Tax Audit for AY 2020-21 (FY 2019-20) also extended to 31th October 2020.
The Finance Minister announced several relief measures in income tax via press conference on May 13, 2020. One of the most awaited announcement was the Income Tax Audit & income tax returns (ITR) filing deadline for the financial year 2019-20.
Due date to file ITR- Income tax Return for AY 2020-21 (FY 2019-20)
As per section 139(1) Income tax return (ITR) due date for taxpayers not liable to audit under section 44AB of income tax is 31th July 2020 for AY 2020-21. Now Govt has extended ITR filing due date to November 30, 2020 from the normal deadline of July 31.
Due date of Income Tax Audit under section 44AB for AY 2020-21 (FY 2019-20)
Due date of Tax Audit under Income tax has also been extended to 31th October from normal deadlines of 30th September for Assessment Year 2020-21 (Financial Year 2019-20).
“Due date for all income-tax return for FY 2019-20 will be extended from July 31 2020 and October 31, 2020 to November 30, 2020 and tax audit from September 30, 2020 to 31st October 2020,” Finance Minister Nirmala Sitharaman said during a press briefing.
Further, the Government also issued a notification dated June 24, 2020 (effective from June 30, 2020) to extend the due date to issue TDS certificates -Form 16A and Form 16 which is TDS certificate for deduction of salary to August 15, 2020.
However, the government had earlier extended the deadline for issuing Form-16 from June 15, 2020 to June 30, 2020 via an ordinance dated March 31, 2020.
The previous extension of issuing Form 16 (i.e., June 30, 2020) had left only one month for individual taxpayers to file their tax return before the deadline, i.e., July 31, 2020.
This was part of the Rs 20 lakh crore economic relief package. Along with the extension of the ITR filing deadline, there were other direct tax-related relief measures announced as well.