: Deadline extended for filing income tax returns and audit reports #FinanceIndia #StockMarketNEWS Deadline extended for filing income tax returns and audit reports New Delhi, Oct 24 (KNN) In view of

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Deadline extended for filing income tax returns and audit reports #FinanceIndia #StockMarketNEWS
Deadline extended for filing income tax returns and audit reports New Delhi, Oct 24 (KNN) In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Income Tax Department on Saturday further extended the due date for furnishing of Income Tax Returns for various categories of taxpayers.

Due date for furnishing of Income Tax Returns for taxpayers (including their partners) who are required to get their accounts audited [for whom the due date (i.e. before the extension by new notification) as per Income Tax Act is 31 Oct 2020] is extended to 31 Jan 2021, the Central Board of Direct Taxes (CBDT) said.

"The due date for furnishing of Income Tax Returns for the other taxpayers [for whom the due date (i.e. before the extension by the said notification) as per the Act was 31 July, 2020] has been extended to 31 December 2020: Central Board of Direct Taxes," it added.

It further said, The due date for furnishing of Income Tax Returns for the taxpayers who are required to furnish report in respect of international/specified domestic transactions [for whom the due date (i.e. before the extension by the said notification) as per the Act is 30th November, 2020] has been extended to 31st January, 2021.

Consequently, the date for furnishing of various audit reports under the Act including tax audit report and report in respect of international/specified domestic transactions has also been extended to 31st December, 2020.

Further, in order to provide relief to small and middle class taxpayers, the said notification dated June 24th, 2020 had also extended the due date for payment of self-assessment tax for the taxpayers whose self-assessment tax liability is up to Rs 1 lakh. Accordingly, the due date for payment of self-assessment tax for the taxpayers who are not required to get their accounts audited was extended from July 31st, 2020 to November 30th, 2020 and for the auditable cases, this due date was extended from October 31st, 2020 to November 30th, 2020.

The department also the due date for payment of self-assessment tax date.

Accordingly, the due date for payment of self-assessment tax for taxpayers whose self-assessment tax liability is up to Rs 1 lakh has been extended to 31st January, 2021 for the taxpayers mentioned in para 3(A) and para 3(B) and to December 31st, 2020 for the taxpayers mentioned in para 3(C).