The Income Tax department on Saturday announced to extend the deadline for individual assesses to file their returns for the financial year 2019-2020 (the assessment year 2020-21) by a month.
The deadline has been extended in relief to taxpayers amid the ongoing COVID-19 pandemic.
According to reports, the last date of assesses required to furnish audit reports on transactions has also been extended further till January 31st.
The Income Tax Department acknowledged the “challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19”.
The Central Board of Direct Taxes (CBDT) informed that the due dates have been extended to provide enough time to the taxpayers for furnishing of income tax returns.
In the month of May, the Centre extended the dates for filing returns for the financial year 2019-20 to November 30 from July 31.
In June, the taxman had also extended the due dates for payment of self-assessment taxes in cases of liabilities up to ₹ 1 lakh, in a bid to provide relief to small- and middle-class taxpayers. Due date of November 30 was fixed for cases with or without audit.
The deadline for small taxpayers or those with tax liability up to Rs 1 Lakh based on self-assessment to January 31st.
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